treasure island, page-7

W1, I can't see 4c happening unless the CRE merger proves to be a big blunder.

The market has historically been very sceptical of FML's ability to follow through with plans, but management have proven to be a rare breed of deliverers, touch wood.

FML has made a great deal of progress since well before the 2c low. It has become the company it was merely promising to be a few years ago. True, they have a had a good gold price tail-wind, but even so, not many live up to promises, especially on schedule.

Perhaps their success has gone to their heads and the CRE takeover is a sign of hubris. It is real a risk that I think explains a the recent share price weakness. However, they have earned my trust and the company is well supported by fundamentals at these prices.

I grant that CRE could potentially turn into a massive destroyer of wealth if it isn't handled well, but I am prepared to continue giving them the benefit of the doubt until they give me reason to do otherwise.

Cheers