Ann: Recommended Takeover of Remaining Laverton S, page-32

re: Ann: Recommended Takeover of Remaining La... Bazza,

I would summarise my views as I did when the Shandong deal was announced - its all a sick joke.

However, its clear without the Chinese cash FML would be bankrupt by now and thats why management sold the company from under us - they had run it into the ground in appalling fashion. Pinto and a couple of others who profess such knowledge of the mining industry should be ashamed and I for one will never take Goldoz seriously regarding any stock in future.

Now that the Chinese are in control though there "might" be some light at the end of the tunnel. I bought back in at 2.1c for that reason - everything has a price (unless it goes bankrupt!) and since the Chinese took over theyve gotten rid of the CEO and are now trying to tidy up Laverton. Price they are paying is rich but if they get it 100% consolidated it will give FML benefits - thats why they are giving in to Stone's blackmail basically but I think its worth paying to get them out.

Now 6-9 months down the track if FML can stop the operational bleeding and still has $150m+ in cash then brighter days are realistic. I know its a big "if" on the operational bleeding but thats why they are at 2c, confidence in FML is justifiably low.