panel declines, page-20

Hi all, the takeover panel is a reactive, not proactive outlet for action. Given that the takeover request was made within the (still existing) agreement, the outcome was inevitable. They cannot act or seek an outcome until the expiry of an agreement or dissolution. It would be pointless to even bother with something before an alternative outcome or decision is reached. I am now more certain, as per my previous comments that an announcement will be released 2 or 3 July to reflect that the terms of a proposed agreement have been extended with open ended stipulations, which reflect more certainty or scrutiny for FMS to look to other suitors, but still allow themselves not to be restricted legally or financially bound.
Once again, mgmt would be sweating this out, with GS on the phone negotiating a re engagement with previous ‘proposed’ suitors for a diluted deal to be presented. Assuming the EU zone doesn’t capitulate within days or weeks, we may have a offer of still 25-30c offered. If that doesn’t eventuate then unfortunately I predict further cap raisings and further dissolution of our shareholder base.
Lets be very clear about this, FMS cannot go it alone with infrastructure, so at the moment we have a resource in the ground, that is well placed, but ultimately is still a commodity in the ground and still will be in 10x 20x years or decades. Prospective suitors know this, and will play this card to their favour, while FMS mgmt will now play any card that favours them saving face.
Prepare for some very diplomatic but ultimately fruitless asx releases next week. In the meantime, everyone have a good weekend and lets see what eventuates.