is a takeover possible, page-6

Exactly!

Managment may want to TO offer, but given the patience they have shown so far - not now.

This managment seems to have vision and be able to deliver on long term plans. The apparently 'odd' decision to raise money to buy spares for the mill is, I'm guessing, an output from their 'horizon' planning. The land package itself that took years to acquire was also an output from FML's 'horizon' planning. The fact that they didn't go out quickly to define JORC resources is more likely the result of management agreeing that they had no need to for the short term benefit that would arise from resource quanification, as they knew that they could do this when it mattered and when they had the cash flow to do it in spades -> i.e. now and for the next two years. By the way I think that the $8m tagged for exploration may, like their production targets, turn out to be a bit consrvative.

If management are planning with a horizonj of two year plus view, a TO would be at best an annouyance and at worst a destructor of their own future personal wealth. Unlike struggling companies who pray for the fairy goldmother to turn up and make them an offer my guess is that this management would articualte a few profanities if she did.

KIWOZ48