keeping pmm honest, page-20

There is no way FAS is finished yet, and if they keep trying to gain control of GWR this saga will continue for way too long. After thinking about this issue for the last few weeks I feel that allowing the 2 PMM directors onto the board will be better for GWR. There is a reasonable argument about these PMM linked directors securing cheap off take deals etc. and this argument assumes that Piercy is not independent. The creation of a performance bonus, i.e 100,000+ shares when the company’s market cap reaches $1 billion, may see the director’s act in the best interest of GWR.

I did like the big picture with FAS/GWR but the takeover failed and FAS needs to move on and pursue their own projects.. And they did end up with a very valuable stake in GWR which will most definitely create some wealth for FAS holders if GWR is properly managed.