IMO I can't see Todd being able to launch another takeover attempt in the short term without the board facing accusations of price suppression to benefit the major shareholder.
- In 2014, a very significant capital raise of $14.3m was undertaken for FMS to conduct a significant drilling program for a BFS. The BFS was never completed nor made public information.
- Since the failed 2nd takeover attempt at 2.5c, a capital raising was undertaken to complete a review of the PIOP.
- A further capital raising was undertaken to complete the asset maturation study of the PIOP. This includes defining a measured resource as opposed to an inferred resource. This should have been done in the 2014 BFS so shareholders have paid for this work to be done twice.
The asset maturation study also will contain drilling results and analysis of the other potentially very lucrative tenement "Canegrass".
IMO I cannot see how the board could ever recommend a takeover offer from TIO in the short term and claim to be acting in the best interests of all shareholders prior to drilling results and a " measured resource" summary of both the PIOP and Canegrass being released. This work have being previously not completed has IMO significantly reduced the current market cap and share price of FMS.
FMS Price at posting:
8.2¢ Sentiment: Buy Disclosure: Held
(20min delay)