TIO needs over 25% to prevent special resolutions and that is a key threshold. I would hazard a guess an SNN will come out on Tuesday next week providing a holding update for Todd and they will be over the 25% mark.
Not sure it matters how much TIO has spent to date on FMS shares but if one was to go back and add it all up I think it is about $16m but then there is cost of time and effort of various Todd employees and contracted / consulting parties since the beginning of time for this fiasco. Also there is the costs related to RTA and although those sunk costs have no direct relationship to the TIO bid for FMS they are the reason TIO is chasing FMS in the first place. So some say include them whilst I say exclude them as they only bear relevance if Todd secure FMS. But it sits around the $100m mark all up.
Todds timeframe is at least 5 years based on its own admission in the PIOP offer - $10m for the first 12 months plus $10m for another 24 months plus $10m for another 24 months after that and that offer expired 31st Dec 2015, so think 31st Dec 2020.
Time to build a rail? Probably wander over into Ghina's patch to get a rough timeframe but TIO could do all the pre-planning, detail design etc. before a sod is turned and then be ready to go the minute the WA Government grant permission to build. My guess 2 years build time from start to production and include mine works, processing and storage at BBIG and port works. A busy programme of works for someone if it all goes ahead.
TIO's dependency on PIOP for infrastructure funding? Wonderful question....anyone know the details of the Shandong off-take agreement? Herein lies some delightful secrets that wont be shared willingly but in the absence of PIOP TIO would need to redesign the BBIG project to be an independent toll facility and funding for that they could get. Whether it is viable always remains the outstanding question and comments made last year were contested so lets leave that one alone now.
All good questions but whats outstanding now is how many Alka-Seltzers TIO has to take to ease the tummy pain from watching the uprising from the masses by way of the ASX sellers at 5 cents.
FMS Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
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