mmk issued notice of termination of scheme , page-35

MMK have just used FMS as hedge against higher iron ore prices.

Alternatively MMK were trying to flog the reserves off to FMG (given they are a holder over there as well) when that didn't happen they needed an out.

The reasons for the decision by the takeover panel would indicate that FMS and MMK weren't entirely honest with the ASX.

>36. MMK submitted that it and Flinders had contracted on
> the basis that either party could withdraw from the
> transaction if the scheme had not become effective by
> the Quit Date. MMK submitted that this was a substantive
> contractual right.