Well we are where we are because the directors put forward to shareholders the option of accepting the TO at 30 cents a share, the directors advised SH to accept the offer.
The motion to accept the TO was given the yes vote by shareholders.
So directors and most shareholders ws of the opinion that the 30 cents (MC $570M) was a fair offer.
I didnt think it was, and nor do I believe that the directors had this believe but saw a quick and lazy way out and with them walking away with millions of dollars.
When deciding on the 30 cents was Canegrass, money in the back, the deal with FMG who at some point in time need to pay FMS for 8 million tonnes of ore FOB.
So I say again the 30 cents was far to low to recommend for shareholders to accept but once the recommendation was given FMS was never going to be worth more then that, so I sold out at 28 cents and have since brought back a small parcel.
The deal if we are lucky will fall, FMS will get new Directors and go into production with double the shares on issue now, then should be able once in production generate a very large profit and then declare a div.
This is all in my own opinion and my thoughts so please do your own research
DYOR
FMS Price at posting:
12.7¢ Sentiment: Hold Disclosure: Held
