I think it goes something like this (feel free to pick holes in the logic):
Ansteel is actually proposing to inject $162.06m in cash.
If they currently own 12.6% (65m shares out of total 514m), they would have to get a further 384m shares to take them to 50% (they would then hold 449m shares out of a new enlarged total of 898m).
$162,060,000/384,000,000 = 42.2 cents per share.
So I'd suggest they won't get near 50%.
If they take their stake to 30%, it's $162,060,000/127,000,000 = $1.28 p/share
GBG Price at posting:
40.4¢ Sentiment: None Disclosure: Held