Thoughts, page-27

agree on some things, but not others.
this bid is simply to hoover-up as many shares as it can - at the cheapest cost.
History has shown us that OCJ keeps its cards hard up against its chest.
At the last GM to vote on the Option Agreement, no one knew just which way OCJ would vote, until the day of the vote. Not Todd, not FMS, not fellow shareholders.
We do know from public info, that OCJ cost is about 2.8c, so at 1.3c Todds offer will not be attractive to OCJ.
So I think this bid is aimed at shareholders other than OCJ.
So in terms of THIS current Offer, the position of OCJ is unimportant to Todd.
As you mention, Todd says it wants to get control of FMS board, and influence (read change) FMS' direction (presumably towards BBI).
Todd can do that with about 40% - 50% shareholding. It already has about 19%.
So all it needs to do is make an Offer which is attractive enough to get another 25% of acceptances from us smaller shareholders.
Whilst we shareholders all have differing views on the price we require, experience suggests that an increase in offer price to a more reasonable level, will shake the tree sufficiently to entice plenty of smaller shareholders to accept. At 1.3c it simply is EASY to reject. Easy. But at a higher more reasonable offer, then shareholders may well scratch their heads and contemplate what they will actually do.
The beauty of being an actual shareholder, is that we shareholders can determine what we do with our shares. Not Todd, unless they get to 90%, and that will not happen until OCJ cuts and runs.
If you don't like the price, then don't sell.

PS - Todd has until close of ASX Monday 22 May, to decide whether to extend bid. It probably will not advise market until last thing Monday.
If they do extend, it probably be only for a period of 2 weeks.
IMHO, there is no point in extending the bid unless it is contemplating an increase in offer price.
other wise, whats the point?
Market clearly is expecting an increase.

cheers