fdy may be a good buy, page-2

I respectfully disagree. Findlays is seeking out of the FAS underwriting agreement for a good reason - it will be difficult to impossible to raise funds for FAS especially given current markets. Accordingly, should the underwriting agreement proceed, Findlays would probably be forced to take up most of the entitlement. The only solution to this is to put forward a really low issue price, possibly lower than the value of FAS' eventual holding in GWR. This may attract some attention of arbitrageurs and consequently allow FDY to gain the success fee without having to pay to take on FAS shares. (which at this stage it would not have enough cash to do)

The cancellation of Findlays funding effectively stalls FAS' takeover. There is no way they can now fund the liabilities arising from the takeover, even if they could somehow convince remaining GWR shareholders to accept.

Having said that, from a balanced point of view, GWR is also in strife over Falak's holdings.

It is a lose-lose situation for both companies unless the directors can settle this situation soon.

From a FAS perspective I would be abandoning the takeover for now whilst attempting to raise enough funds to pay any liabilities thus far associated with the takeover attempt, GWR shares acquired and continue operating on its own assets. Whatever GWR shares they have managed to acquire would remain as an asset.

From both company's perspectives I would try as hard as possible to retain Wedlock. The other directors are relatively expendable.

Just my opinion...