Crystal Ball?, page-4

Here is an anagram of the first and last initials of the soon-to-be Board of FMS...

CVWBMENG (and yes Michael Woolley is included as is Ewan Vickery in this anagram as MW will need to ensure TIO takes up its already allocated seat and Ewan may be asked to stay, and accept, so they have AU mining legal experience on the Board).

This is a purely a SWAG by the way, but if I am right I get a PUNG for the minimum and maybe even a KONG is MW joins the Board. If I have all parties correct the new Board would be made up of 4 members with 2 independents but if the Board only goes for the minimum of 3 members with either 1 or 2 independents with Ewan Vickery being retained as one of them.

From a pure numbers game if TIO want to appear to offer some degree of independence to other shareholders it will propose 3 new members on the Board and retain Ewan Vickery as this would give a perceived view of at least 2 independents, however from a Board voting position TIO would always retain control as they will ensure that whomever holds the chair seat is of TIO backing and they have the casting vote so if a board meeting has to vote and is split 2 votes each way the chair has the final say.

Time will tell on this one as well...