a good read, page-5

And for what it's worth:

Octa Phillip, one of the larger independent brooking firms, has issued a newsletter on the 12th of June, coming up with a Buy on FMS and a 12 month price target of 0,30 A$, written by analyst Andrew Shearer:

'The upside potential is if the bid process resumes then the stock will trade
back towards the offer price (~100% upside). Conversely if the bid fails then the downside risk is low as stock is trading at or near
pre-bid prices. In the event that the bid process doesn’t eventuate then the underlying value of the asset will remain an attractive
acquisition target.'
'FMS is one of a limited number of junior iron ore stocks with a significant resource available for consolidation.
Infrastructure options exist and management is keen to unlock the value of the resources by doing a deal to access infrastructure.'

One way or another I also believe the value will come back in FMS !!!