gwr shareholders, page-18

Incog,

There is a major flaw in your argument for diversification as a benefit of the merger. Aside from the fact that it is arguable whether any diversification is indeed occuring (as FAS have yet to prove up anything at all), clearly shareholders who wish to diversify into the assets and risk profiles of FAS and GWR can already do so by themselves on market by buying the companies directly.

In that respect there is absolutely no argument for a merger on the basis of diversification especially if you take into account the vastly differing stages of development that the two companies are at.

UIO