Quarterly Announcement

I believe their Appendix 5B is incorrect as it doesn't include the term deposits mentioned in their first page of the quarterly activities report. The report clearly states the cash reserves are ~43million AUD. However, I am not an accountant and I have never filed an appendix 5B so perhaps term deposits are excluded in the submission.

I unfortunately think the independent valuation is for an impairment in their investment or a way of establishing fair value for future equity injections from Ansteel (ouch!). These are both complete guesses with no validation what so ever, but a potential theory to consider.

If for some strange reason Ansteel was willing to purchase GBG in this current environment, then I would be pretty shocked, really happy but shocked. The question is why wouldn't they first announce the potential takeover then get an independent valuation to ensure fair value. For that reason I find it very very very very unlikely that the evaluation is tied to any sort of take over what so ever.

GBG has had some great managers come through the company, but the project is subject to external risks and unforeseen issues. The company has done a great job of transitioning to a shell company to lower expenses, but at this point it would be best to try and sell the assets. The board are probably laughing at this post saying we are trying or tried, but thought i would post the thought anyways.

Good luck to the long term holders, that was a really rough quarterly to take in but maybe I am wrong and Ansteel are feeling generous.

Just random thoughts/opinions from a holder and perhaps I need to go get some accounting classes to learn how a 5B should be prepared! I am too confused to put a sentiment, as I was once a buyer and then a holder and now a ????????