next offer, page-4

On Monday GCL has to release the Independent experts report from PWC.as per previous agreements with Noble and The Takeovers Panel.

The directors of GCL have in great haste recommended the revised $7.00 offer from Noble late on a Friday afternoon prior to the market being informed of the independent valuation.

There is something not right in this strategy from GCL.

The directors of GCL should be aware of the valuation and this valuation could show a figure of $8 to $10 per share as fair and reasonable ( my valuation is $11.30)

I think that there is a much higher offer that is going to appear within the next 3 weeks.The only stumbling block being Noble has over 20% of GCL and for someone to take Noble out and make it attractive for them the price needs to be $10.00 plus

Interesting times ahead especially Monday with the release of the valuation.

If the PWC valuation shows that $7.00 is the number then the directors are within their rights to recommend the Noble offer. If the valuation is closer to $10.00 then how can they recommend $7.00