I doubt that would be the case as my understanding is that by the time Atlas transfers over its assets the share placement at 65c per share will also be done. This would give Atlas about 38% of FRS which effectively blocks Wah Nam from controlling FRS. David Flanagan beleives he is on a winner when he said "We are issuing 7 per cent of our shares to increase resources by 50 per cent and increase our port capacity by 30 per cent."
Atlas will not be interested in making a quick buck off Wah Nam of say up to 20% as the strategic value to them is much greater. This being said, the counter offer would have to be VERY good for Atlas to agree to sell to FRS.
The advice I would give to Wah Nam is to listen to the Elvis song, "It's now or Never"
FRS Price at posting:
82.0¢ Sentiment: Hold Disclosure: Held
