albaman, page-55

Pranav,

consider the $8m debt,may actually belong to FML Laverton(CRE) of which FML only own 80pc of.
Even if FML Coolgardie has the cash,i suspect it'll use it in Coolgardie/The Mount for 100% benefit to FML shareholders there.There is probably also the now technical initial loan to that operation as well $12-$13m and i note FML is still booking interest received into QTRLY accounts.
So all up Laverton MAY OWE the best part of $21m TO FML.
Laverton is set up for the remaining year of its supply agreement with Barrick and can slowly pay down its debt itself,during that time,I hope,making it debt free and if required,by lack of milling capacity or falling gold price ALLOW OPERATIONS TO GO DORMANT-FOR YEARS IF NEED BE.
Consolidated accounts can be a bummer,but i'm sure Coolgardie/The Mount are stoking along-JUST FINE,throwing off cash,of which there will never be enough to do what FML WANTS to be done,to grow bigger.

Back to the takeover agreement for CRE and FML stated if less than 90% and without full acquisition, it would see no reason to change CRE's current "POLICY OF NOT PAYING DIVIDENDS TO SHAREHOLDERS". A very nice way of saying,if your a minority holder after we finish,don't expect to see any return on any CASH investment in CRE shares.Like a newly born only grandson,FML can afford to wait a lifetime for CRE minority holders to die off,one by one to get the house,especially as FML have power of attorney over life and property on these CRE tenements and business operations.Minority holders time spans are always shorter than a miner who may take 30yrs to develop,what they know/suspect is there.Just think of FML and how long it took to get at that resource at THE MOUNT and they knew what was there when they got the tenement,near enough 20?yrs ago.Think of how long the NICKEL has sat there also.

Long may the distractions stay,along with conjecture about TI.while FML gets Coolgardie up to steam and pumping.


DYOR+DYODD