ABSOLUTELY SPOT ON L4L, hell will freeze over long before up there is a minute semblance of TRUST in the Board or our major shareholder!!
I totally agree with your stance;
BRING ON the EGM BRING ON the Removal of Management including Secretary BRING ON the Removal of BOD BRING ON Care and Maintenance
My extremely strong opinion is that TRUST cannot even be attempted to be repaired while we have the current Board and this current entire management structure.
There is a vast amount of very adverse history from ALL THESE PEOPLE with regard their various attempts to benefit the major shareholder through attempted delisting, changes to constitution to name a couple and all designed to destroy minority shareholders wealth.
The Board were told at the first round of briefings meetings that "NOT NEGOTIABLE" terms were:
AN UPFRONT PAYMENT to all minority shareholders plus
ACCEPTABLE ROYALTY BASED DEAL set in stone
The "Listening" tour obviously was purely lip service given nothing of the above "Not Negotiables" were included in this current proposal. All this has done IMO is further erode the already non existent TRUST FACTOR!
There was a comment made recently by management that the upfront payment was broached in the negotiations of this current proposal and received an emphatic NO. If this is correct, and I have no doubt it is, then I firmly believe our Negotiating Team should have immediately left the room with the parting comment that they would return when BBIG etc were prepared to negotiate a fair and reasonable deal.
Instead our intrepid Negotiators remained at the table in a much lessened capacity and with the BBIG team now in a much more dominant position. Had our team "listened" earlier they would have realized that from that very moment on whatever was negotiated would be completely unacceptable and certain to get a vast majority "AGAINST" vote at the EGM!!
COMMERCIAL ADVANTAGE was clearly on FMS side in these negotiations because we have the PIOP asset, without which BBIG has exactly zero, NO ORE, NO PORT, NO RAILWAY, NOTHING!!! Yet we get bent over once again and expect the minority shareholders to fall in line with such a one sided deal, NEVER GOING TO HAPPEN.
I have absolutely NO DOUBT WHATSOEVER that there are much more experienced operators just waiting in the wings for the BBIG WA State Rail Agreement to fall over so they can step in and actually build a railway.
The Board and Complete Management's positions are ABSOLUTELY UNTENABLE following the resounding "AGAINST" vote that will solidify at the EGM therefore it is imperative that they step down immediately following the EGM in my opinion. TRUST TRUST TRUST TRUST TRUST TRUST
All of the above are my views only and not advice in any way, I strongly suggest you DYOR.
FMS Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
