First of all, I have not voted and no longer hold FML.Just...

First of all, I have not voted and no longer hold FML.

Just wanted to say that I had dipped my toes back in, but have firmly taken them out again.

I've always wanted to be a long term shareholder in FML, however it has been with the caveat that they are higher risk. This is primarily due to their cash burn and high costs. I've held the view that if they cannot keep their costs steady then the company will be in trouble.

I was shocked to see the level of costs in the last quarterly. It was a slight mitigation to see in their last presentation a focus on cost controls for 2012. However, now seeing in the chairmans report that they are now taking out a line of credit and that cash flows are tight... well it tells me that cash flows remain an issue.

I know many see the long term potential in FML. I previously did. I still see the potential in the assets of FML. However, whilst many here think that management have been doing a fantastic job, I think the opposite. I think that they have overplayed their hand, have been too aggressive, have thought that they were adding value when all they were doing was burning through shareholders cash.

Given the level of production they are at, they should be making a decent cash flow. However, they always seem to keep expenses one stead ahead of revenue and this is unsustainable. With the rate of cash burn and cash flows, FML looks to be headed in the same direction of CRE.

They were only ever going to be able to incorporate CRE if cash costs were controlled. This does not seem to have happened, and to be frank, they cannot afford it.

I'm still going to be watching FML, but I personally think that management has done poorly, have been too aggressive without the right foundations, and is suffering as a result. I'll keep a look out for what is happening at TI, as this seems to be a potential bright star for the company. However in the meantime I'm seriously concerned about the financial position of the company.

Sorry for the negative post - I understand that many would be frustrated with the company position. Hopefully things can be turned around.