I'd imagine very minority holder with the exception of OCJ is bitterly disappointed with this result. As I understand it, this was purely a risk mitigation play on OCJ's part. We can argue until the cows come home about whether they blinked too early, I like most, think they did.
However, before we get too "chicken little" about this result, it's probably worth remembering the sky is not falling in.
An TINY number of shares have been sold on the back of this news. People are not panic selling. THere may be those that feel based on this result and no hope of an up front payment they need to cash out. As I've said in the past, I'm truly sorry if you're in that position.
For the rest of us? Undoubtedly, we didn't get the PERCENTAGEs we wanted. or thought we deserved, but the deal itself now provides a definite path to market, with all barriers removed. We were all happy to accept BBI as a partner (I think) we just wanted a bigger share.
As it stands, as news flows and progress begins to be demonstrated, the share price, I think, will rise.
As many have said, this has the potential to be the fifth biggest Iron Ore operation in WA. An operation that we as minority holders will still hold a significant stake in.
If it gets to even a fraction of the size of one of the big four, and if we get anywhere near the percentages the FMS board has made a really terrible job of outlining, this shareprice will increase by multiples of where it is now, IMO.
There are still several decisions to be made between now and production. I'm just going to bottom draw FMS and see what happens from here. I actually expect things to really pick up from here. Now this is decided, I don't think anyone will be messing around.
We might not see the share price some were hoping for, but we could still do well out of this.
FMS Price at posting:
2.7¢ Sentiment: Hold Disclosure: Held
