Stone Mining will be a minority shareholder in an unlisted company, where the majority holds in excess of 75%, so FML can basically do as it pleases with CRE.
Don't forget Stone tried to play hard ball with FML during the CRE takeover, so FML owes them nothing.
If I was FML mgmt I would use any free cash flow from CRE operation to firstly repay the debt (was it $13m) to FML. Then I would plough all CRE free cash flow back into exploring CRE tenements to increase the resource and mine life.
If mgmt think it would enahnce value to shareholders to pay dividends, then these can come out of FML cash flow..
Stone played it hard and lost. It's time for them to suck it up and accept the FML offer as given to all other CRE shareholders. Nothing more, nothing less.
Shareholders in FML should be disappointed with any other outcome.
cre-stone-fml, page-9
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14.0¢ |
Change
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Mkt cap ! $40.11M | |||
| Open | High | Low | Value | Volume |
| 13.5¢ | 14.0¢ | 13.5¢ | $426 | 3.116K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 52454 | 13.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 15.5¢ | 14055 | 2 |
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| FML (ASX) Chart |