whats your exit point, page-32

matchbox20.
I'm one of those still left on the register who paid those sort of prices. ( I actually averaged a buy price of .007c for the options, 1.5c for the heads). I have sold most of my holding but still hold some options. I saw the exit price for the oppies at about 10.5c, sold a lot and have been actively buying FMS off shoot, Maximus (MXR)which was floated from Flinders and only has about 153m shares on issue ( mc about $17m compared to FMS mc $177m.
The difference in the number of shares is a factor of 7.26, which when adjusted for comparison purposes, MXR at 11.5c puts FMS at 2.2c a share or using the FMS sp of 16c puts MXR adjusted sp at 83.49c a share.
Share prices can only be compared ( as I expect most people understand and accept) when the number of shares on issue are adjusted so that the market capitalisation is the basis of comparison.
There is a discrepancy in the market capitalisations as they currently sit at $177m ( FMS) and $17m (MXR) which is a factor of 10.4. If they were reflecting the true factor of 7.26, MXR would have a mc of $24m which would mean MXR is oversold or FMS mc should be $129m if the market has correctly valued the company's, which of course they haven't, thus the difference.
Warnie's forward estimates of 100mt,200mt and 300mt are probably a bit conservative as the recent FMS acquisition of the Cazaly tenement has the distinct likelihood of having similar quantities. I think tenement 882 will have about 300mt and the new tenement from CAZ ( to the south of 882) will have about the same from what my initial research tells me. (DYOR of course.)
Flinders management added a lot of value when they did that deal and it's value hasn't been identified in the fms share price and market capitalisation yet, from what I can calculate. I'll be doing some calculations on Warnie's figures plus the extra 300mt target I think they will have so the top end for the calculation comparisons I'll be doing from my perspective will be 600mt for FMS ( everyone can put in their own figures according to what they think of course). MXR have a target (of magnetite, not haematite) of 1,700mt to 3,000mt which after benification ( usually works out about half the original tonnage but ends up with about the same iron content as haematite after benification) would reduce to a processed grade of 850mt to 1500mt. I think the upper target will end up being the JORC but like FMS, the MXR threads have a lot of non stock holders who have taken up squatter rights and continually down ramp the stock.
I am running the ruler over the inground resource value of MXR and will post my thoughts on the MXR threads but it might be of interest to FMS shareholders as FMS has a whole pile of shares in MXR from the float and FMS recently converted its MXR options as well so the investment by FMS in MXR is not insignificant. It should also be of interest to FMS shareholders that via the holding in MXR, FMS also has a stake in ERO which was floated from MXR in oct 06. ERO has $6.54m cash on hand at 30/6/08, 63.335m shares on issue, 62m not quoted and about 28m options, with 26.7m of them with an exercise of price of 30c ,exp 30 june 2011,not quoted ( from last quarterly and comsec) and closed at 9.7c, up 14% yesterday on small volume with a mc of about $6m. I don't own any ERO directly, their tenements are in S.A. and N.T and are targeting mainly Uranium which doesn't excite me much given the current Federal govt legislative restrictions on Uranium.
Just a few of my thouoghts, as usual please DYOR etc.