answer to post on fms thread about bci, page-6

"the idea your Board outwitted FMG on such a buy-back I find hard to believe. Mr Forrest, without the certainty that iron ore prices were about to rise dramatically had to sell your Board back a stake at a low price?"


I also find it hard to believe that the BCI board outwitted FMG.

I would also never make that statement.

I have however stated: "Sure, the deal was negotiated at a time when FMG was in a weakened position".
It is a fact that the deal was negotiated while FMG was in a weakened position.

It was an agreement made by both parties with full knowledge of the facts. An agreement. FMG did not have to agree to the sale or the sale price. But remember, the agreement was signed by both parties.

The price paid may have been low. It may have been reasonable. It may have been high. It all depends on your perspective.

But,I fail to see how one outwitted the other.


At the time I felt it was a good deal. The past 11 months has confirmed this belief.