a good sign for the to perhaps, page-3

Hi Pinto.

Buying Time - you could be right, however, they have only 3 days remaining to do something about this now that the offer is unconditional save for the fact that the TO Panel upholds their decision in the next 3 days. We must expect a ruling before then one would imagine. This leads to the next point.

Associates - Stone's claim is that "associates" votes be deemed invalid, and if so, what would the revised vote count be in that instance. At the time of the EGM Stone held 130M shares. On that day, there were 130M objections to the issue of the convertible notes. There were 572M votes for the motion. In total, only 672M votes from a shareholder base of 1.199B were cast. This leaves 527M shares that did not case a vote. Also at the time of the EGM, Focus / associates held 790M shares. Add this to Stones 130M shares, and that leaves us with 279M shares that definitely were not associates of FML at the time. As Stone had only 130M shares, it is possible that enough 51% (or 142M) shares that were not associates had voted in the "for" column and carried the motion without the need for "associates" votes. So, even if the TO panel rules "associates" votes invalid, it doesn't mean the motion was not carried.

Sell for Profit - I can't see this as a strategy and this is the part that does worry me, and should worry other shareholders. If Stone do somehow come up with an offer before 31st August, or haved it ruled that the motion was not carried at the AGM, then where to from here - a bidding war? I can't see Focus selling for a small profit but i can see them pursuing this with vigour, which at the end of the day may prove costly for us all in terms of additional $$$ spent on securing a TO and a continuance of a lagging share price.

Unconditional Offer - as mentioned in the earlier post, if the offer remains unconditional past the 31st August then the bird has effectively flown for Stone. 2 scenarios can stop this from occurring;
1.) TO panel rules that associates cannot vote AND that the motion was not carried by the other 279M non associates shares outstanding.
2.) Stone make a superior offer
If either of these transpired, then Focus may have to return the shares to the original shareholders after the 31st as the offer would revert to "conditional".

Really, this is a big mess but i am hoping sense will prevail and the regulatory authority will not make a decision on the matter and let it run its course.