Ann: Flinders signs option agreement with Todd Corporation, page-5

"Todd’s proposal of consolidating project ownership significantly improves overall operating efficiency thus lowering the ore price hurdle that is required to make PIOP an economic success. This, in conjunction with their very strong balance sheet, gives me great confidence that the option agreement will deliver significant benefits to our shareholders."

this is the crux of the issues imho.

when I said FMS is RTA, and RTA is FMS - that's is confirmed above.
it just does not make sense for FMS and RTA to exist in separate vehicles.
that is compounded by having Todd controlling both.
and more so with I/O price so low, and so volatile
and more so by neither FMS or RTA having any money
and more so by FMS and RTA not being able to raise money in this mkt.

current M/C is about $40m
this deal prima-facie sells PIOP for $65m plus Royalty stream.

still thinking about it.
remember , Todd will NOT BE ABLE TO VOTE ON DEAL - so it is up to OCJ and US

cheers