First Sorry about the Essay But I Had Toooooooooooooooooooooooo,,,,,,,,,,,,,,,,,,,,,,,,....................>>>>>>>>
After 16 yrs our board has failed us badly. Its time for them to be removed before any further damage is done and Todd get us cheaply and in return make massive long term profits by our board selling us out so cheaply.
- Have our board unlocked value for us holders imo NO!
- Why are our board recommending such an unfair low ball offer from Todd??
Summary of very questionable events of why our board now have to be removed and Todd prevented from getting a YES vote for the Options Agreement, imo. Please note this is just my observation and the facts might not be entirely correct but this is how I see the events have unfolded over many years of investing in FMS. Would love the board to clarify this for me in the quarterly if possible.
MMK offer - board were offered jobs from this deal. Deal failed. This was an absolute joke with the Russians and our board took bait, hook, line and sinker!
FMS enter Alliance agreement with RTA.
Todd come into RTA, FMS and strengthen their position, while Alliance agreement in place.
Todd now wanting to take control of RTA then offer 100% T/O offer, securing port, rail, Balla Balla and RTA. Now focusing on FMS. Then focus on FMS Critical ore deposit, with low ball unacceptable offer. Our board supports this! WHY!
MD of RTA, recommends Todds deal to holders BUT
keeps his large holding? However RTA holders have a 100% premium which is much better than us at FMS.
But the Todd/Shangdong dealings smells badly from where I see it! Todd didn’t own RTA or FMS when this was going on behind the boards back,
interesting to me!!! What rules have been broken, IF ANY???
Todd acquire 20% of FMS, while Alliance underway. FMS SH’s continue to fund BFS etc. Under this Alliance agreement RTA and FMS are going to go ahead, mine and rail ore to a port. All working towards BFS.
Meanwhile Todd going behind FMS, RTA holders and most of the board imo, but done a deal with Shangdong to supply ore (our ore imo) RTA have bugger all and very low quality. They don’t own it but was planning from the start imo to under-mine the FMS Alliance Agreement and holders.
Deal done with Shangdong, how can this happen! Our board say’s had no idea this was happening ???
But still recommend Todd deal to holders!!
Board continued to raise huge funds from SH’s over many years, dilution increases, funding a BFS which will never happen and most people realised when ore price collapsed and banks tightening their belts that the BFS was never going to be positive and happen, but kept raising money. Now after such a bad options deal from Todd our board still are announcing that the board strongly support and recommend the Todd Option deal to SH’s, but un-officially tell SH’s it’s a bad deal we need Todd to offer more. They have even said this to holders at the various meetings, one shareholder has said this to me who was at a meeting.
Interesting to me is that during the recent SH’s meetings held that the board repeatedly said the Todd deal is NOT a good deal and encourage SH’s to Vote NO and send a strong message back to Todd. Get them to come to the table with a better offer.
The board repeatedly spoke a different tune to holders when Todd wasn’t present, contradicts their announcements supporting the Todd low ball options offer.
The board represents us NOT Todd, especially after Todd have been very active going behind the Alliance Agreement!!! Securing a brighter future for themselves, certainly not us FMS holders.
Board what is your actual stand? Please say this in quarterly. The IER is rubbish, of course they will recommend it, the BOARD has let all holders down imo and many feel this is the case on HC. I urge you to come out and say it’s a bad offer and take it off the table. Even better still RESIGN and we get new directors who actually want what is best for FMS and it’s long term holders, who have been funding this coy for over 16 yrs. From what I have been reading is most holders do not support the board now. We no longer want this board who have done what exactly for 16 yrs, dirt still in ground, earnt significant remuneration over the years and for what, sell us all out!
This mixed message is extremely unprofessional and certainly under-minds their position imo. If you don’t like it do not accept it and offer it to us holders. Do you job and honour your responsibilities of what it means to be a director.
Well my message to our board is this – it is the
boards job and
responsibility as our elected representatives to demonstrate strong leadership and unlock the very best potential for FMS holders. IMO the biggest NO is our boards performance and if it wasn’t for
FMS United doing our boards job then Todd would have taken our company for a fire sale price, certainly with no opposition from our board. “Strange that”- Have Todd offered our directions a position, therefore our board can still earn big $$ spinning canegrass for future sucker investors while sitting idle and Todd propping them up every year. Wake up all holders and support the removal of this board. Vote NO to Todd.
These actions above concern me and many holders greatly and this is why our board have to go and I support a 249 to remove FMS Directors before any further damage is done to SH’s investment. Remember while the iron ore sector is struggling their are many high quality directors around wanting to take charge and develop FMS.
Enough is enough ACTION is now Urgently needed.
THE TIME IS RIGHT NOW TO SPILL OUR BOARD IMO.
Best of luck to all holders, this is just my opinion and now leave it for our board and Todd to clarify my observation and please prove me wrong so all the facts of these dealings and offers are no longer in the grey area. If I am proven wrong then I will post accordingly.
A review of ASX companies where R Kennedy is (or has been) Chairman/NED
We believe Robert Kennedy is chairman of a number of ASX companies as per his profile on the FMS web site (29/5/2015)
FMS - Non-Executive Chairman
Robert is a Chartered Accountant and has been a Director of Flinders Mines Limited since 14 December 2001. He is the Independant Non-Executive Chairman of Ramelius Resources Limited (Director since 1995, Chairman since 2004), Non-Executive Chairman of Maximus Resources Limited (since 2004), Monax Mining Limited (since 2004) and Tychean Resources Limited (since 2006).
Below are the Total Shareholder Returns (average annual rate) of those companies cut and pasted from Commsec 29th May 2015, for the last 5 years.
Please note that I do not wish in any way to misrepresent Mr Kennedy and i may be wrong but you should check these on Commsec or other sources in case of possible error. There may also be also other factors that we have no knowledge of that contribute to these results. So, check and do your own research.
Flinders Mines (FMS)
|
Total Shareholder Return (avg annual rate) |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
|
|
|
4 |
1yr |
3yr |
5yr |
5 |
-20.1%
|
-51.1%
|
-28.7%
|
Monax Mining (MOX)
|
Total Shareholder Return (avg annual rate) |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
1yr |
3yr |
5yr |
4 |
-42.2%
|
-40.7%
|
-31.3%
|
Maximus Mining (MXR)
|
Total Shareholder Return (avg annual rate) |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
1yr |
3yr |
5yr |
4 |
-33.4%
|
-26.3%
|
-32.2%
|
Ramelius Resources
|
Total Shareholder Return (avg annual rate) |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
1yr |
3yr |
5yr |
4 |
38.8%
|
-34.8%
|
-20.6%
|
Tychean Resources
|
Total Shareholder Return (avg annual rate) |
|
|
1 |
|
|
|
2 |
|
|
|
3 |
1yr |
3yr |
5yr |
4 |
-50.0%
|
-24.5%
|
-35.3%
|
What Qualifications does one NEED ???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? ENOUGH IS ENOUGH.
WE SHAREHOLDERS DONT NEED, WANT, OR SUPPORT THE BOARD .
Shareholders Thumbs Up If You Agree.........................................................