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Under the terms of the revised offer GWR shareholders who accepted would have their FAS shares issued 30 days from the revised offer. We shall see in 30 days from the revised offer if the major GWR shareholders supporting the merger do indeed give up their shares for FAS shares.

If they do not then they have brokered an inside deal to allow them to keep their GWR shareholdings unless the takeover succeeds - a luxury normal non associated GWR shareholders are not afforded.

As expected the legal action opposing Wedlock's appointment appears to be baseless. As in the original post, FAS holds only 360k (not sure of exact number) of GWR shares in its own right. The rest are NOT part of FAS asset base as some people may claim.

In the event that FAS do obtain the 25% in its own name, the immediate dilution will probably affect the price somewhat. After that, the lack of value in FAS other than a minority holding in GWR will mean that one will never see FAS' share price fully reflect its holding in GWR, no matter what is accounted for in its accounts. For example, FAS will essentially become a holding company for those GWR shares but FAS shareholders will have to pay out massive directors and "advisor" fees. Much better to hold GWR shares in your own name and incur no such doubling of costs??

Let's not forget the millions of shareholders who will want to sell out of FAS immediately upon receipt of their takeover shares. It is obvious that the valuable asset here is GWR's and unless one can get hold of it, not many will be holding FAS. First FAS shareholders to sell will probably get the best price so expect to see a rush of big sales coming.. IF you can even sell out a decent holding with the current buy depth!