Ann: Scheme of Arrangement and Demerger, page-41

a lot of people don't get that the 3-4billion in debt has to be paid-off/refinanced in dribs and drabs over the next few years. Karara has absolutely no capacity to do that and is really relying on the lenders (the majority of which are Chinese - good luck getting any Aussie bank to refinance) to stay afloat. If any of the lenders pull the plug GBG will be diluted to smithereens anyway. That's why its valued at 0 on their books.