2 points jump to mind as I read this presentation:1. TimingFMS...

2 points jump to mind as I read this presentation:

1. Timing
FMS mention FMS's timing constraints or timeframe a number of times. However, I'm unaware of any timing requirements that FMS have. We all know that BBIG and Todd Corporation have significant timing constraints by virtue of their State Agreement (i.e. binding agreement with PIOP proponents [FMS] by 30 Sept 2020), but neither BBIG or Todd Corporation is FMS. FMS is a publically listed company of which Todd Corporation is a shareholder. Lucky we have some "independent" directors on our Board who can hopefully let us know that FMS's time constraints are at the information sessions.

"Of the options assessed, the proposed BBIG Project had the most potential to meet capacity and timing constraints"

"Balla Balla has indicated the potential to deliver the capacity required within FMS’ timeframe"

2. Other options
FMS claim in the current presentation that "An exhaustive and independent search showed there is only one favourable infrastructure solution" [emphasis added].

However, in the Executive Summary by PwC of the 2 September 2019 FMS announcement, PwC include a detailed disclaimer that they have based their report on publically available information and information provided by FMS. They didn't approach 3rd parties. They didn't even seek independent confirmation of the reliability, accuracy or completeness of the information or conduct an audit. I therefore have cause to wonder whether the report has a sufficient level of independent research and auditing. Indeed it is clearly far from being an exhaustive search.

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