buybacks ?, page-5

morning idl51,

I agree with most of what you say and I certainly agree 100% with your sentiment.

However, re. management getting us a good price if we become a target --------

I would love to agree but I can't say that I have faith in that - not because of management at all (who I think are great) - but because I don't think they might have much say in it.

Please correct me if I am wrong - (I am desperate for someone to tell me I am wrong on this). --

From what I can see (and my info might be a bit limited) -- fml would be a wonderful target as soon as reserves get up a bit -- here is what I see for a potential circling shark

All the usual positives - that I will only briefly list

No debt, cash, great real estate, no hedge - da da (you know them all).

But also - and here is the risk from my perspective and a very juicy card up the sleeve of a shark.

No big blocking shareholdings **********

Only the great unwashed on the register (self included)

Let's say that fml has a couple of good reports (say sends the sp to apx. .12c)

Then the pog goes to US $1300 and A$ 1450 ish

this sends the sp another bit up - say .16c
ie. (market cap $460m ish).

None of these figures are outlandish by say August this year.

OK - sp of .16 and fml running straight and true.

Bam, an offer of .20 comes ----------

who amongst us is NOT going to sell?

I would suggest that we would have a LOT of sellers -

Now the risks I see are these - first up fml goes completely to someone else and we have to look for another quality small goldie --------- very short supply of them really - and they make a packet over a few years (our packet).

OR

Enough get sold - say 40 to 60% and we get a number of new people on the board - and possibly in management.

- great - here come the gorrilas - the very people who probably can't order a bonk in a brothel or a beer in a pub --

either way - a risk. Now I don't want to say I can't see it being potentially good - who knows, we might get some more good people and assets on board - but at this stage for a few years - I for one am very very happy with what we have already - the track record for me is very reassuring.

So anyone, please please tell me I am wrong or I have missed something.

ps, the really scary thing for me at the moment is that the odd shark might be looking closely right now (and we don't know it) ----- how cheap RIGHT NOW is fml at say .10 - what a prize for the right shark, it would be like xmas to the buggers especially if they are nearby with a bit of proven dirt themselves - a gem waiting unguarded.

have a great day Pinto