Todd IS a private company and will do things as they see fit in relation to their own affairs. (IE - BBIG)
As far as the infrastructure agreement goes, FMS were at pains to point out that while Todd have offered another option, at this stage, the Infrastructure deal is still progressing.
That means that until FID, as long as Todd keep paying their $15m pa and progressing the BFS then there is nothing to announce. (Obviously have to keep up the reporting requirements in that regard)
Under the agreement, until the BFS is completed or agreement changed whichever way, FMS would have nothing to report.
Now, it is plainly obvious that something has happened between Todd and their partners however until Todd formally advise our BOD that they cannot complete the Infrastructure agreement or the agreement is terminated (by whichever means) then to all intents and purposes things will just continue as is.
Obviously I do not expect this will be the case and we will surely hear what is planned going forward, however unless the BOD have been advised something formally I can't see where there is any claimed misconduct!!
I would highly doubt the FMS BOD would dare breach disclosure rules by not advising something which they have formally advised.
At this stage all we know is Todd have thrown an off hand proposal at them
I am no more happy about the current silence than anyone else, but that is the facts as I see them.............
(I expect something soon, but as I've said before I cannot see how FMS can take over the whole project until capital is organised and if that is Todd's problem then....................???)
FMS Price at posting:
89.5¢ Sentiment: None Disclosure: Held
