GBG (ASX) The Federal Government Should Assist GBG

Originally posted by Chilloutman ↑

Hi All

I am saddened to hear about the serious threat that is facing Gindalbie. I knew a lot about GBG and was a long term holder up to 2010 but I moved out of iron ore stocks in 2010 and have lost touch with what has been happening for GBG over the last few years.

I have a question for GBG holders to consider: We know that in 2008 the Federal Government propped up our banks during the GFC to the tune of billions of tax payer dollars and made sure these companies traded through a rough period. Now GBG is a downstream iron ore processing company employing lots of Australians and is assisting our local manufacturing industries. Obviously GBG's earnings have been seriously curtailed by the collapsing iron ore price. Surely if it is in the interests of the country to prop up our banks in 2008 why can't the government consider assisting a company like GBG that is an employer and supporter of local manufacture and downstream processing in Australia?

Come on Mr Turnbull, the banks aren't the only companies that are good for this country!

My very best wishes to all holders.

Regards,

Chilloutman

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Time to get the back legs back on the ground, Chilloutman.

What on Earth makes you think the govt has any interest in bailing foreign owned companies like GBG, whose board and management simply weren't up to the task they set themselves.

The govt has no interest. And won't.

There is some value left for long suffering shareholders - use GBG as a tax loss to offset profits elsewhere.

GBG board and management are an embarrassment to the industry.

Time to get the back legs back on the ground, Chilloutman. What...