Dear FMS, After holding since FDL days and holding a massive...

Dear FMS,

After holding since FDL days and holding a massive whack of shares I have sold down to a bare bones holding representing about 12% of what I once held. I have come to the view that all the extra capacity being invested in by the majors and others with port and rail leaves FMSs development time-frame too far behind and will miss the high prices and therefore the risk-reward is not there. This management has been massively disappointing and frustrating. They have lacked the ability to secure the game changing infrastructure within a development time-frame that would have seen FMS get a piece of the high price action. Production would be lucky to be 2016 if they got a deal done tomorrow given this management's performance. I have never seen such massive fundamentals be so poorly squandered. Look at what AGO have done over the past few years while FMS has stuffed around. AGO has built a $2b plus company with awesome management at the helm. In what I reckon is now moving to a bull market there are too many opportunities elsewhere with greater certainty and better risk-reward equations and much better management.

I have moved into RIO and AGO for best and most reliable IO exposure. I hope everyone else does well. but 5 years has been a bit wasted in FMS with regard to blue sky but I will take my average 120% gains, be philosophical and move on. My best spec rec is NEN. Best regards. Damo (I was once a believer in FMS and now I am not).