spot on - and there will be other contingent liabilities which FMS would be required to assume.
I am thinking costs and obligations of goods ordered, engineering contracting, what about all those adverts by BBIG calling for tenders etc? what about environmental obligations? the roads upgrade? commitments to Karatha etc?
We are right back where we started imho - probably further back.
Because if the Chinese have left the building, we (and BBIG) have nothing left except bits of paper with approvals stamped on it.
If FMS can find the customers, the construction/engineers, the funders, the debt parties - then those approvals will be still very valuable.
But if FMS could have found those parties, then surely we would have done that 5 yrs ago.
Everything we voted on 12mths ago, was a waste of time imho, because all the assurances and basis of the deal has been overturned.
The very reason FMS told us we needed to vote in favour of the deal, was that we would be free-carried to production !!
I wonder how that can occur in this new proposal?
FMS Price at posting:
$1.09 Sentiment: None Disclosure: Held
(20min delay)