Sad to see you go but everyone has a choice. That announcement...

Sad to see you go but everyone has a choice. That announcement by the way was specific to the current offer, there is no more than 2.5 cents in the current offer as required under the Takeover Panel guidelines, however it didn't preclude a subsequent offer, the latest announcement did that with 2 caveats.

TIO have effective control now as the largest shareholder, but they don't have majority yet and that is the current pursuit and really if they get 50% it means they can control the vote ordinary resolutions where they are allowed to vote and not alot more but it leaves them exposed from a capital commitment perspective. Now to explore this one it does more than just drag their equity of FMS into this it also drags in committed capital in BBIG and keeps Todd Corporation umbilically (such a word???) tied to Nick Curtis through his 18% holding of BBIG. There are other drivers to force TIO to move on FMS in a meaningful manner and they have been tabled in here not long ago.

I might offer capital in excess of $100m being locked up in a tussle with minor shareholders causes a bit more than "very little pain" even for Todd Corporation as it is an embarrassment on the books and in the market and those other driving factors mentioned will force TIO to move some time in the near future.

Besides the dice just rolled again and it's now their turn in this fascinating game of Mah Jong. Count the tiles on the wall, pick the tile TIO and decide your move whilst everyone else holds what they have and waits.