Comments on proposal anns, page-11

Another extremely disappointing announcement and presentation by FMS. What bubble are they in? Not only is this a very bad deal in my opinion and the company has failed to produce any future modelling projections at all. All that is reiterated is that “it is a path to production”. Whoopie dooo!

I can only vote against this. Regardless of how tough negotiators the BBI boys may be no deal and care and maintenance is our only way forward and NO PIOP IO for BBI = No project for BBI.

Some major changes need to take place and for me, it’s time for a certain FMS key negotiator to go IMO! Let’s have someone with balls put PIOP in care and maintenance until a realistic offer is made. Shareholders have waited for years and I would suggest will be quite prepared to continue waiting until an acceptable pathway is put forward. Firstly, any royalty option needs to be same as S Gov royalty of 7.5%. Secondly there needs to be a substantial up front payment that gives FMS ample funding for next several years AND gives a substantial upfront dividend to long suffering shareholders. That’s a start.

My overall assessment of what is proposed - TOTALY INADEQUATE! Mr. Market seems to agree.