Ann: Quarterly Activities and Cashflow Report, page-2

It is disappointing that the BOD were very concerned about the cost to stay listed and yet again still no concern at all about the extravagant admin costs FMS continues to bleed.
Reading through the last couple of reports, they themselves have indicated virtually no work in progressing PIOP has happened so what have our Admin been being paid for. The discussions re an infrastructure solution are in their infancy and in fact presume little will happen until we pay PWC for their analysis!!?
I have mentioned a number of times that the $3m loan from PIO should never have been drawn (obviously in my opinion) as the Company should have been continued to be capitalised for working capital properly and funds sought from shareholders.
This quarterly report now shows a balance of $1.7m cash held end June with estimated outflows this quarter of $1.898m.
No commentary whatsoever provided on plans to cover this shortfall!!
Obviously funds need to be raised asap and in my opinion will be totally unacceptable if they get further borrowings from PIO.
They cannot say last rights issue was not supported by minority holders and working capital should be funded from shareholders leading up to plans for a way forward for development.
(Obviously if they state PIOP is unviable shareholders will not support.)
If they are still saying that TIO are reluctant to put further capital in then it absolutely beggars belief how their little brother PIO are prepared to finance
Once further development funds are required financing options will need to be looked at, however at this stage I implore the FMS BOD to organise a CR to raise funds for working capital while infrastructure solutions are investigated including clearing the PIO loan.
I am very uncomfortable with the lack of action by our BOD in regard to this type of forward planning and Admin tasks and it is very unusual in this type of Company.
Oh, and of course, all above is purely my opinion)