africanis, page-12

Hi Max

Long time no chat, hope your well.

The position with FSE (formally CME) is about 12 months ago they started investigating tenement in South Africa, in the Whitbank area to be specific.

I picked it up on abnormal trading, price and volume, about this time, 12 months ago.
Since then the company has failed to have any deal materialise to justify the massive run from 3's to 11's
As a result of no news and deals it has just drifted back to where it started.

The believe (dont know) that the original price spike was more than basic speculation if you know what i mean.
Some serious money was invested, on the expectation some pretty major deals to come,which have obviously either failed or have just taken longer than anticipated to signoff.

The original Whitbank deal was the main deal, it is rumoured that FSE lost priority and for a period management started looking for other deals to cover the original project. The original Whitbank project has now returned to management as a result of the other party failing to agree to the terms of purchase. No doubt it will come at a higher price than first expected, resulting in more stock or options and/or debt than was planned.

However, the shinning light and potential is that while the original Whitbank project seemed to disappear, it has resurfaced in the negociations for other coal projects and the shareholders of FSE may find that not one coal project turns up but possibly 2 and i believe even 3 projects are possible.

They had had a guy in South Africa a couple of times trying to get the deals across the line, he has just returned to Perth 2 days ago.
With Signed deals, i have no idea, the price and volume over the next couple of trading days will indicate that.

Lee Boyd is either a brilliant deal maker or a total pretender, right now i am leaning to the later, that said i still hold believing (possibly wish)the former still possible.

I will be trading out of a large position at the end of the month if no deal has been announced.
Hope that helps in some small way.
Have a great week-end.
Cheers
BM