magnitogorsk petition on flinders rejected by , page-36

Lets not get too carried away..People need to think logically and calmly about this issue and FMS prospects for the future. If the deal falls through will it necessarily be a bad thing for FMS, I dont think so.

All the announcement means is that the legal proceedings will now progress to a court hearing on 25 April 2012, if there are no further submissions.

MMK are saying that they have followed all the legal requirements and that the injunction is unfounded, not correct or valid.

FMS is in MMK's longterm plans to secure IO and hedge the resource against changes in pricing.

I still cannot understand how the court is allowing this to progress. Legal costs must surely be greater than the value of this minorities holdings. Someone must be testing the water and could be supporting this minority financially as there is no prior precendents for this.

I really cant understand why FMS accepted the MMK bid in the first place.

The derisked value range based on their own internal modelling using varies infrastructure soluations was between 49cents and $1.73. Even the brokers valued the Share at more than what MMK offered.

So what is the intrinsic value of the share without the MMMK bid. I think we are not too far off that value at 22cents, given how much we have progressed since the MMK takeover.

We are at an advanced stage in the process. There will still be plenty of customers for this IO.

Major Milestones to be achevied
• DFS completed Q2 2012
• State and Commonwealth environmental approvals completed
Q4 2012
• Construction commences Q1 2013
• Production commences Q4 2014

Significant valuation upside still exists
• Derisking the project is the key focus of the Strategic Review
• Key opportunities to derisk the project include:
? Securing access to infrastructure
? Construction of a rail spur to existing and planned rail projects
? Construction of a direct rail line to port
? Securing offtake and/or funding agreements
? Corporate level

Sorry if i have already posted some of this exerts from the AGM before..