Tewbs, there's a logical inconsistency with your claim the CRE...

Tewbs, there's a logical inconsistency with your claim the CRE will make a profit 5 cps this year, but "penny dreadfuls" have no realistic prospect of rewarding their shareholders. They can't both be true.

On the other hand, I can understand the frustration at an 11c rights issue shortly followed by recommending selling well below that.

Either the CRE directors completely failed in their duties, or they have genuine reason to view the CRE share of the new merged entity as worth significantly more than 11 cps.

I think the key is that that this is not a cash transaction, and CRE shareholders will be receiving far more value than today's market price of FML suggests, both because FML is currently under-priced, and because the merger adds extra value.