Hopefully a green day today, page-61

Hi Tony

FAR will already have done some hard yards negotiating within the JV. I worked on many joint projects and was involved in many company acquisitions. They are bloody hard work because everyone has an agenda and is seeking their own best outcome. The weak get rolled quick smart.

I agree with Whisky, the JV is performing well but there has been plenty of arty bargy and FAR has not always been pleased with the operator. In those instances weakness will be exploited.

With FAR now an acquisition target, the game just got rough. You can see how our SP is being controlled. Odds are that is a competitor trying to muscle us. Nic and Cath would already be having discussions with rival firms. At the moment it's relatively easy to bat them away, but as our reserves grow and cash shrinks it will get tougher. Nice to have The Admiral at the helm of a destroyer riding shotgun for the main fleet.

Our Board are realists. Nic has acknowledged we will need to leave plenty on the table for a predator, but the mongrel in him will help us drive a hard bargain.

I have been involved in takeover talks. The best result comes when both sides are tough enough to stand their ground on the non-negotiables. The value-adds are in the grey area in the middle and that's what FAR will focus on.

OOO