We can all Win- 11/6 at 19.20 post, or we can all loose as well., page-49

Jake,

Let me break your comments down and offer further consideration.

1. If Todd does not want to buy direct or is limited by something then it can do it through others if it chooses and settlement off-market at some point in the future. Whether that is an intent or not only Todd and whomever it uses would know.

2. Someone else doing it for the other parties is viable and the entails coming out doesnt6 necessarily mean what they did is illegal.

3. In regards comment #5 - I still question this. I agree the comment was made and is technically correct, there is probably no other offer on the table for the Board to consider at this point. However it avoids answering the question as to whether the Board has revisited and fully exhausted, in the current climate with new circumstances and a fresh offer, other possibilities. I might suggest the answer is something along these lines "...not at this point but it is worth considering after the current offer has lapsed and we have instruction from our shareholders as to how they would like us to proceed." - there is a giveaway for you.

4. In regards BAO and Shandong, on home territory I would agree but given this countries ridiculous penchant for a competitive domestic market with the ACCC and the FIRB being the strongest advocates that having a competitive tension between these two chinese state owned enterprises and two large aussie operators in close proximity I would suggest the current power plays are in keeping and the Chinese government is quite happy as they have a dual play in progress for substantial iron ore reserves in that region. An equivalent agricultural power play is the Ord Valley programme, take a look at Stage 2 and the arrangement in place for that.

5. I think your conclusions are correct, I cant quite interpret what you are saying or asking. I was referring to the 15% capital issue and it relates to the ASX listing rules. This is something that the FMS Board would have to initiate and it can but whether the current Board is doing so or has the appetite and ability is unknown to me. I am not claiming what will happen, I am trying to put into the forum a range of things that need to be considered, assessed and either accepted or discarded.

You may call it casting a wide net, it is called mind-mapping and it is a powerful tool for analysing complex issues including these types of offers and the various strings and triggers associated. Its not new, its not fancy and its not unique to smartasses like me. It is a common garden analytical tool used by many.

Cheers.