I think a revised offer would only deminish the value of FAS. As...

I think a revised offer would only deminish the value of FAS. As it is unconditional, they would have to issue a large amount of FAS if the scrip was increased to those that have already accepted putting more downward pressure on the SP.

It has always been talked about a cash sweetener FAS would need more leverage than 25% of GWR to orchestrate this.

It's clear, IMO that FAS is still in the game. There is no way they could have this wrapped up before 30th June (Tax Time), so I dare say that if they are going to have a serious crack, it will be on or after the 1st of July.

It would need to co-incide with JORC Gold resource (Highly unlikely due to time frame) or drilling and then success at it's oil and gas play in Victoria.

Some thing else that could help FAS is GWR's aquisition of the Doutch held tenements at Wiluna west. I dare say that GWR will have to stump up millions of shares for these. Also the Cap raising that Con mentioned in his last letter. Depending on where this goes, if the people who take up the raising decide that FAS is the way to go, then it is possible that FAS could increase it's holding on GWR to a point where they could diclose to market, their plans for offtake agreements and secure enough finance and or equity to ramp up exploration and or production.

Then there is the question of where PMM came into the picture. Was it an opportunistic play for GWR or are they somehow involved.

If it was an opportunistic play, FAS has a huge bargaining piece as they hold a blocking stake.

On the other hand if PMM is sleeping with FAS, then a last minute sweep could see FAS pick up over 50%. This would allow portman to pick up a commanding stake, up to 19.9% in FAS.

Either way, I think it would be foolish to rule FAS out of the game. With the benefit of time fast fading, I think we will see some agressive actions from FAS over the next few months as they are forced to play their hand.