the panel, page-32

Is it strange that there has not been an announcement from FMS regarding The Takeovers Panel media release? Is this professional incompetency at its best?

The way I read this application is that the interim orders to extend the quit date to 14 July will firstly allow the Takeover Panel to organise themselves if they are to conduct proceedings. This date is 4 weeks from when they received the application.

'If the Panel decides to conduct proceedings, the matter will usually conclude approximately 2 - 3 weeks after the application is made. Matters can take shorter or longer than this, depending on the circumstances and the urgency involved.'

Secondly, this time extension will allow the Russian court system to do their thing 02 July.

Avenues forward are;

a. MMK can save face and have the bogus claims dropped 02 July, and proceed with the takeover. The Takeover Panel doesn't proceed.

b. MMK can pay break fee. The Takeover Panel may proceed at this late stage and look for extra compensation.

c. Further delays 02 July in Russia, which will mean The Takeover Panel will proceed.

d. If The Takeover Panel proceeds, I think MMK are in a world of hurt, and they probably know it.

Once again, an interesting few weeks ahead of us.

If any hedge funds read this - get rid of the board - I have seen smarter wombats at the zoo..