the fact is, that FMS should have called a Trading Halt on the 7...

the fact is, that FMS should have called a Trading Halt on the 7 Dec, when they received the proposal from BBIG.
Most, if not all companies would have done so.
it simply is irrelevant that the BBIG proposal was incomplete, non-binding etc.
The fact is, that BBIG submitted a proposal which is an ABSOLUTE material issue for FMS and its shareholders.
This proposal turns absolutely everything on its head!
We just approved the current deal in Jan, all based on what FMS and BBIG told us.
ie Free-carried to production, all those Chinese parties waiting in the wings, BBIG to develop and operate the mine etc.
We only JUST transferred our only asset to PIOP Mineco.
NOW BBIG want to dump that deal, and transfer everything BACK to FMS ??? !!!

So WHY would FMS believe that a Trading Halt was not appropriate ??

Because given that the shares jumped from 84.5c to $1.55 in just 2 days, seems to me that confidentiality was lost - or at the very least appeared to be lost.

We own the company, and WE have the right to know on 7 Dec 2020, that BBIG had made a proposal that was intended to turn everything on its head!
That's the fact of the matter.

Call the Trading Halt on 7 Dec, tells us about what BBIG has offered, then have a think about it, and re-instate to ASX on about 9 Dec - so that everyone is in possession of the news from BBIG.

Thats what other companies do !!!