Hi JosephBe careful of what you wish for. IMO FAR would be...

Hi Joseph

Be careful of what you wish for. IMO FAR would be seriously sold short should it be taken over this year. I should add, I can’t see that happening. 

Ten people will decide our future. Ten individuals or entities hold 52 per cent of the stock. They must weigh any offer against the time and investment required to exceed that value. How long would it take, and what do we need to spend, to gain significantly more value than the TO offer? 

By Christmas we will hopefully have a significant discovery at Samo, but one that would still require appraisal of its potential worth. The Board and major shareholders would have minimal information against which to evaluate a TO offer. SNE and it’s long-term income stream would be just three years away. The ultimate pay on the FANs will be largely 

unknown, GB would be still to be explored, as would A5. SNE North would remain a tantalising enigma - different API? - and of course PE would be still months (years?) from a decision. 

My my point is that the FAR journey - as tortuous as it’s been - is still just beginning and I simply can’t see smart money giving up on it too early. Equally, though, I can’t see smart money offering a big enough premium given all the unknowns, as promising as they might be. In short, I reckon valuations will be poles apart for some time yet. 

What would you sell for today? Malcy says 30 cents plus. The market says 12 cents. And that’s my argument in a nutshell. 

OOO