gift, page-19

Hi Albaman,

I too wonder what his slant is in Stone Mining given that the board met and resolved on the 5th August to extend the TO period knowing full well, the following.

1. Stone will well exceed 10% ownership of CRE shares well before the offer finishes.
2. They will also have known that now that the offer is extended to the 31st August, Stone can now accumulate approximately 17% ownership of CRE shares based on historical averages
3. At current trading price for FML, depressed well below the 1 for 1.18 shares, they must know that they won't get enough off market acceptances to get over 90%. With Stone needing now just more than 1.3% (or circa 15.6M CRE shares), this is near on impossible to happen off market by itself.

I now have almost zero doubt that Stone and FML are doing this together. Why bother extending the offer period when what i have stated above was known to the Board. I can't see any other reason to extend that for them to know that they need Stone, and have a deal with Stone, to get over 90%. Maybe this was planned from the outset.

Originally, i didn't like the idea of Stone being around, however, i can now see some value in them if they help this get over the line without need to a new revised offer (i.e. if they get enough shares, then FML doesn't need as much off market support and uptake of the offer.