The obsession with Farjoy has probably outlived its usefulness. I don't think Mr Farjoy will be too upset to be a smaller fish in a flooding pond. The man (or his family trust/vehicle,to be specific,) has already stumped up 30 odd mil to help FAR get to where it is now. Now Farjoy is called for another seven mil, assuming he is concerned to keep his percentage stake. That's not pocket change. I know Macquarie Street silks charge like wounded bulls, but still.
If you think about blocking stakes, there is a bigger picture. It's not important whether Farjoy, as such, can muster the full 10%. The Farjoy ethos brings together a multitude of small and medium supporters, sometimes disparaged as the 'Pom Pom brigade' who will add their shares to the cause in the event of an inadequate bid.
If Mr F. is thinking 'I can't afford to keep up my 10% holding', he is probably also thinking ' but that's a good problem to have.'
Cheers
FAR Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
