Another Extension to the Takeover Offer Date is not Justified, page-7

Yes Trav, for sure Todd want 100%, not just 50%.
But when they started, Todd knew that they would probably not get OCJ on board, so they were then only aiming at top of 70%.
But the 1.3c offer was to force the Board to talk.
They then agreed to 2.5c with Board recommendation.
So their immediate intention was to get over the 50% level, so that they can force control of the direction the Board takes over the development of PIOP. Hence Todd's stated aim of causing FMS to "review" its plans for the development of PIOP (which is code for turning FMS' direction from sales to 3rd parties like FMG, to one of integrating with BBIG in some form).
A reorganisation or restructure of assets or capital of some description would certainly be best achieved by way of a Scheme of Arrangement, because a SOA provides Todd with certainty of outcome.
But the problem for Todd with a S of A is that, if the Scheme provides a benefit to Todd, which is not extended to other shareholders, then Todd cannot vote on those resolutions in the Scheme.
The same restrictions would apply to OCJ, were OCJ to get some benefit that we were not getting eg if OCJ was to remain in some unlisted entity, but all other shareholders were proposed to be bought-out.

So as another poster mentioned, there could well be a scenario where PIOP is "backed-into" the BBIG development. Who knows? there are plenty of scenarios.
And the most common process to get one of those scenarios over the line, would be by way of a Scheme. That's what usually happens.

But the biggest issue for Todd, is to get the agreement of OCJ.
Then it needs to get the agreement of other non-Todd and non-OCJ shareholders under the Scheme. because Todd would not be able to vote.

We need to wait until the Offer closes.
We need to wait to see just how Todd will inject cash into FMS.
End of March Qtr FMS had $1.7m
last Qtr it spent about $1m.
This Qtr will be uglier, as it has all the Takeover expenses, reports etc. very costly.

Todd wants FMS to finish the BFS, so that will cost money, plus the costs of keeping permits up to date, plus admin. M/D has gone, so probably only the cleaner there now.
If they resurrect the BFS, you can bet they will want to hire staff.
Just watch Todd move FMS offices to Todd in Sydney or Todd in perth.
But FMS will need cash to continue.

all just imho.
cheers