The BOD seems to lack the necessary business acumen to deal with...

The BOD seems to lack the necessary business acumen to deal with this cheeky offer
Perhaps one way would be as follows:
Approach Ansteel and tell them GBG wishes to purchase their shares in KML for say ten times the
price they wish to pay to purchase ours. We own pretty much half each of KML
I haven't worked the figures but let's say the cost may be $100mil.
This would Place GBG in a very fine position, then owning a cash flow positive iron ore mine
with a replacement cost of about $2bil, a current value of say $1bil for an outlay of just $100mil
GBG would pay for this by a share float at 2c and underwriters would be queueing up to be in this deal.
I expect Ansteel would decline to sell at this price which then puts an underlying base price on the shares
in GBG which an IER could rely on as the lower price in a fair and reasonable price range.
The directors of GBG could then replace the nil value that KML is carried in GBG Balance Sheet with say $$100mil
and report this write-up as current year profit. That should give some support to improving the share price.
And what would be the outcome of all this manoevering ? Ansteel would be obliged to offer a fair price or no deal
or a hostile deal.

I bought my shares in GBG with the mistaken belief that having a major steel producer on board would be a
major asset. ^That was a huge mistake!

All in my humble opinion. No warranty given.