hartleys or ord minnett downgrade from buy to , page-7

I can only come up with one reason (its the obvious one)for anybody to downgrade their outlook on FML and that relates to the dilutionary effect of the CRE takeover and the current uncertainty it has created- How are FML going to create extra value for holders to carry that dilution? I'm definitely of the opinion that had there been no Stone we would be trading above 7.6 which was the last cap raising price.
To further my point above I think managememt are in a bit of a bind in terms of communicating to the market the way forward with Stone still lingering like a bad smell. They need to play their cards close to their chest to get Stone out of the way which means that the market won't be getting much information either.
The only other thought regarding a downgrade is if they have gleaned some insight into the Sept qtr- lower than expected Oz's or soaring costs? I'm not sure how costs could soar if we're supossedly processing the higher grade ore?- but FML does appear to include a lot of mine development costs in its raw production costs correct?
With so many scattered deposits there is a lot of stripping and development to continually access and follow the veins which i think is a large part of why our costs are high.
Anyway rambling now....still going with 29,000oz qtr and $18-$19 million in top line margin.