@Kratis@georgia14@Jackadebo@mauswara I understand your frustration and I share it, but having a dig at the "other top 10 holders" is not a great place to take out that frustration as they have as much say as you and I - that is Zippo !! They have in the past shown they are not in it for just themselves when they outlaid cash to contest some past FMS actions. We all benefitted from that contribution. I am pretty positive they are not happy (who would be), but we all need to be realistic in the expectations of what can actually be achieved. I don't need convincing of how bad FMS management have been or in that case the fact that Todd & Co have played games all along this process. Todd like all shareholders can do what they like so long as its within the law, but all Directors of FMS have legal obligations to all shareholders of FMS and if you want my opinion, they should be the target of any frustration/action you may want to express/take.
We know that they are often hard of hearing and that some past actions have shown that some may have glass jaws, however with OCJ now looking like they are in bed with Todd/BBIG and the Independent Directors (do we have any ?) being largely ineffective, the only way anything will be done about this situation is if the ASX and/or ASIC was to take a good hard look at the actions and activities of all players. May i suggest anyone with a gripe send a detailed letter of complaint to ASX/ASIC setting out your reasons (eg minority shareholder oppression, lack of fully informed market etc) would be the best place to direct attention. That may eventually get some traction.
In the meantime, all any of us can do is stay strong if you believe the assets in the ground are valuable. At the end of the day the only reasons we will not get a piece of the action (god knows when) is if FMS goes broke or FMS is taken over by Todd/OCJ. So stay alert, be prepared to vote on important matters and understand that Todd and possibly OCJ may not be able to vote on future change of control/corporate actions if it benefits them. If such matters are proposed I for one will be writing to ASIC/ASX advising of a conflict of interest that both Todd and OCJ have in any future actions. If successful, they are not able to vote !! This is the only time we will really have a say. So if they want to make money, they need to take us along for the ride, as with every other publicly traded company in Australia.
Maybe the best thing that FMS Independent Directors can do at the moment is nothing, as the company will collect cash from Todd/BBI who are not meeting the terms of the agreement. The problem i have with that is they are not telling us that, or anything else of substance. Whilst all this inaction continues we are no closer to getting our ore to market. In fact I would suggest we are getting further away !!
So if we do have truly Independent Directors, my message is grow a pair and tell us what is actually going on, warts and all.
