I really didn't want to post on this thread anymore - but come...

I really didn't want to post on this thread anymore - but come across this on ARI thread - a comment by Alan Kohler on Business Spectator:

"Boards generally sell when they get a decent offer, especially when their shareholders have been long-suffering, as Arrium’s have"

I bought into ARI after the board knocked back the offer and I hold FML because the board recommends the deal with SD - why ?

Am I happy about "being taken" out by a Chinese SOE - No

Would I "feel" different if it had been Regis or some other "western" company - in all likelihood - YES

Would it have changed any of the fundamentals - NO

FML (and therefore us as SH) are paying the price for "aggressive" expansion and fragmentation.

The landholdings have become too big -the projects too many; at least for the current income stream.

I still would like to see those projects come together plus FML to access higher grades for less money - but as I see it this is not going to happen with the current income stream .

So - options for me are:

Accept the deal - take it at "face value" and put that cash to good use and get the project moving and cash flow positive in a big way.

Knock back the deal - selectively "moth ball" projects (like TI and some other pits) scale the operations down to really be sustainable and put the shares in the bottom drawer for quite a few years - and most likely loose some of the people that have driven all of this because the "excitement" has gone out of it.

And then there is the big one for me:

Window of Opportunity

That window is closing fast (personal opinion only) and now is the time to maximise on what we (at this stage) potentially have.

Use the money - built a mining house - consolidate this once and for all - and get money on our investment.

My only proviso is: no more acquisitions (organic or otherwise) until this is done - shares have been consolidated 10:1 - and there is a dividend stream.

(we are holding @ 3.5/3.6 - the level I bought into this many years ago ! Tells me all I need to know)