EGM, page-51

very true @the.frack it is a case of both holding, but I think Kenny Rodgers sang a song about "knowing when to hold and when to fold em"..... so lets recap - BBI/Todd have been trying to progress the whole mine/rail/port of which they own 2 of the 3 and control the 3rd, so they have more to lose than anyone else by being stubborn and holding. They also have the most to lose if they fold em.

FMS minority shareholders know that the rail agreement is dependant upon the PIOP.... it is in black & white in the WA agreement.

FMS minority shareholders know that Todd/BBIG will find it impossible to get either Finance or a FID on the Port or Rail build until they secure the supply of iron ore from PIOP.

FMS minority shareholders know that Todd/BBIG interests will not be able to vote on the supply arrangement for this iron ore to supply the whole project. So any deal is dependant upon minority shareholder approval. Its a bit like trying to sell cartons of beer without actually putting the beer in the bottles !!

FMS minority shareholders, (wild guess) don't trust the BOD/Todd/BBI as far as they can kick em. So getting a supply deal approved will need to be shown to be fair and reasonable, as judged by minority shareholders - not the BOD, Todd/BBIG or any so called experts report that they request.

None of this is rocket science - Todd/BBI you have 3 choices ;

1. Make a takeover offer and try your luck at increasing your holding.

2. Offer up a fair deal for the supply of the FMS ore. We all know you need it.

3. Do nothing - but given your outlays to date and rail agreement timeline to name just one factor, I think you can only do this for a little while before you effectively go back to the start of the process/planning ! Do you really want to do that ?

Option 4 is sell out your stake in FMS and the Port/Rail to someone else .... its an option but I don't think you want to waste this opportunity to make money for decades to come do you ?

I think you will find that most minority shareholders simply wish to be treated fairly and are happy to go mining to unlock the value contained within the company. The EGM was your chance to smoke the peace pipe and instead you spat the dummy and made relations worse. That was not a smart move in my view.

Good luck getting this back on track with the same management team.

Unfortunately for minority holders - the only option we have is waiting for the next plan.