Just a further thought on what may make a deal between FMS and BBIG reasonable (in addition to an upfront payment):
If PIOP Mine Co were to become an entity holding the PIOP asset (which I don't like the idea of), perhaps part of the deal should be for Todd's holding in FMS to be decreased to below 40% by some mechanism. This would allow Todd/BBIG to get their binding deal with FMS to enable their Railway to proceed before the 30 Sept 2020 deadline and by having their holding in FMS reduced to below 40%, this would enable non-Todd holders to have a say in the Board and executive composition (I hazard a guess that we would likely see at least a few Board members quickly removed and a new CEO appointed). The non-Todd, non-BBIG FMS board would then be able to make a non-conflicted vote on whether FMS should maintain their interest in PIOP Mine Co or take the royalty deal (I don't trust the current board to make the decision for us) and importantly the non-Todd, non-BBIG FMS Board would be able to ensure that profits aren't funnelled back to Todd/BBIG behind the backs of minority shareholders through inflated fees for service or "exertion fees" for the Board to pursue activities that don't appear to be in the interests of non-Todd shareholders. As it would be likely that the FMS-BBIG co-directors would be removed, this should limit Todd/BBIG's access to non-disclosed company information, though perhaps the damage is already done on that front.
FMS could then make a non-conflicted decision on commercialisation of the Canegrass Vanadium Mineral Resource. Todd would still reap 40% benefit in FMS and all their profit from BBIG.
That being said, based on the details of the current deal, I will be voting no.
FMS Price at posting:
5.9¢ Sentiment: Hold Disclosure: Held
