Just watched the HY webinar. More obfuscation regarding the FN...

Just watched the HY webinar. More obfuscation regarding the FN deal (or no deal..).

As I said previously, a dollar-swap exercise. Where Craig Mitchell, a 50% trucking operator, gets 14% of the company and is the majority shareholder - currently 6% and heading for 14%.

No wonder RB resigned... It was not RB's deal.

By paying with shares, this dilutes shareholders' EPS. This dilution is not shown within the company's profits. The dilution cost goes directly to shareholders via a lower EPS and is not reflected in the company's books.

The 'deal' slightly improves the company's profitability but net, net, net, dilutes shareholder returns.

FEX does not report on shareholder returns other than by stating an EPS. FEX reports on direct profits. If FEX paid for FN in cash, FEX would be looking rather sick given the high cost base compared with the IO majors.

Management has changed from conservative to liberal. Also, the HY profit is illusory and a construct of accounting practices and standards.

The FN 'profit' component is not a profit, other than by an accounting exercise. It looks like it is simply an amount largely comprising the 50% of the retaining earnings of the JV that was acquired. If the reality of its composition was rawly stated my view is that it should not be in the P&L but rather is a quirk of financial accounting & reporting.

The reason for no dividend is that, in my view, there was (next to) no real profit.

The FN deal 'savings', 'reduction in C1 costs', to me looks like a narrative and net, net ,net, is not real.

How is progress going on recruitment and appointment of the touted new Managing Director?