bid event imminent ?, page-7

Fitnfam,

I brought in the Sons of Gwalia story into the argument not for the purpose of comparing that company with FML because if that was my intention I would have added this:

"On 23 August 2001, SGW made a takeover offer for Pacmin Mining, owner of the Carosue Dam Gold Mine and the Tarmoola Gold Mine, valued at A$159 million. At the close of offer on 16 October 2001, SGW held 98.9% of all Pacmin shares and proceeded to compulsory acquisition. In retrospect, the purchase of Pacmin and Tarmoola was seen as very expensive, especially in the light of gold reserve write downs and operational difficulties at the Tarmoola mine."

Do you get it?

As you can see my intention was solely to emphasize with an example that the fact of a line of credit having been obtained, which presumably the bank may be able to withdraw at any time, cannot guaranty an happy ending as BANKS ARE NOT INFALLIBLE on their assessment of risk.

A good Christmas for all.