Thats where it gets interesting and the devil is in the detail. If shareholders don't think the deal is actually a reasonable deal for FMS and the directors, regardless of portraying themselves as independent, have acted in favour of Toad then a court injunction would be a start and blow this whole thing apart into the very public arena. I would say relieving the entire board temporarily of their duties would be next and down she comes like deck of cards.......
It really just a battle wits and patience. IMO the best for small shareholders is keeping this whole thing in the public eye as much as possible and letting Toad know we will block until everything to make his deal fall over. Doing a deal with the devil no thanks unless it stays as a public company.
There are corporate laws and legal processes/systems in place to stop white crime it just takes balls (like FMSU have) to go after directors which is why most get away with it. The directors will crap themselves the pay just isn't worth the risk to line BBIG's pocket (does that feeling of its too hard not worth it sound familiar). I can't see FMSU standing by and accepting anything less than a fair and reasonable deal for FMS if one is ever offered.
The problem which is plaguing Toad and this board is FMS have not disclosed anything, not as much as one iota of contact or dealings/negotiations with BBIG. Just Young arrogantly saying Toad is the "controlling" shareholder which is playing the perception game for potential BBIG buyers. These agreements take time to prepare which is why they normally engage in an MOU or MOA which is simply a commitment to engage into negotiating such an agreement. An MOU is only a commitment to "lets see if we can come to an agreement" but is NOT the actual commercial agreement to sell ore at a price etc and an MOU can easily be broken without fuss.
So a surprise announcement of a signed binding commercial agreement to supply ore by the FMS board would be non-disclosure with intent to deceive/suppress sensitive information and immediately open the door to litigation and court action blocking the agreement. Personally I think if we keep blocking he'll piss off and a Chinese buyer aligned to OCJ will come in and together with 75%+ will go for it. While I can never know what OCJ is doing I doubt they are aligned to Toad, too much bad blood and they know full well Toad cannot be trusted. Not now not ever hence why he stays out of the public domain.
All IMO of course and I'm not a lawyer etc either I'm just a yellow dog that's enjoys laughing.
DYOR and don't take my advice.
PS - AO sorry to touch that nerve again again but I'm guessing consultant/adviser to boards or directors are you affiliated with Wooley?
FMS Price at posting:
8.1¢ Sentiment: Buy Disclosure: Held
(20min delay)