Let's Call Todd's Bluff, page-8

Hi contra

I don't think it's all that hard.

1. Call managements bluff on 3rd parties. Make mgt put up - after all mgt have pulled this stunt before and no one trusts them
2. Work on the wavering shareholders who might accept off market. Point out to them that mgt have and are achieving nothing
3. See how you go in that time
4. At the end of the month, because you know mgt won't have achieved anything because they are incompetent decide how long you're prepared to take.
5. If you're still feeling patient, drop the offer and start to increase you stake under creep provisions. 3% every 6 months is allowed so 7mths and you could have 26%
6. If instead you want to speed it up to get rid of the useless mgt, up the offer a bit. By now short term speculators, having waited 6+ weeks are counting the cost of holding vs missing out on some of the other hot things going around. 2ish cents will deliver at least some of these, 3 a lot.
7. Get 25-30% and push a spill motion. I don't think OCJ will support but they're only 20%. From everything I've seen FMS United are the largest group and between TIO and FMSU there should be well over 50% and the board is gone.

FMS United should be open to discussions with TIO. Who's more likely to get PIOP up? Mgt or TIO? Very plainly it's TIO.

TIO don't need FMS they just need to ship PIOP ore. Given that I would say that mgt or 3rd parties are not shareholders best hope - shareholders are.

FMS United can sort this out very quickly. Cut mgt scoundrels out of it. Get together with TIO. Do a deal. Agree to work together. OCJ will fall in line because whilst they currently back the board it's PIOP they are supporting. Add
Shandong into the mix
And this will fly.

If FMS United do this then I will pledge my 700k shares and add more to at least 1 million to support it.

If it turns into a starvation play whilst shareholders wait on mgt why hang on?