Well, I guess it all depends how you look at it.
First of all, Red Ore is not completely "extracted from the assets of GAX" as you say, since GAX will still own part of it. My understanding of it (or at least the way that Robin explained it) is that these shares will eventually be "future financing to bring Regcourt into production" without having to further dilute GAX itself. Production at Regcourt is certainly a long ways away, if it does in fact get that far, so that won't really benefit us in the near future, though.
Anyway, GAX will still indirectly own part of Bottle Creek etc. by way of the shares they'll retain (at least for now) so I don't know if you need to be super worried about this. This spin-off will allow them to raise money to explore Bottle Creek without diluting Galahad any further so I'm okay with that. Besides, I don't really get why you feel like PP participants would be getting "shafted" any more than anyone else. A shareholder is a shareholder, right? What's the diffference if you bought you're shares on the open market or via PP? My open market shares are worth the same as your PP shares...
