not a good day for fml

Sorry, but someone has to say it like it was today.

TI drilling results announced and impact on share price, virtually zero.

Latest substantial holding notice reflects only just over 39% of CRE shareholders have accepted the takeover offer.

Appears that the market has voted that they are not impressed with either the TI drilling results, or the progress of the CRE takeover bid.

Also have to say that FML could not have picked a worse day to announce the TI results, with the market spooked by US debt concerns.

If FML is going to advance its cause then CB is going to have to pull a rabbit out of the hat at the Diggers and Dealers next week - a more interpretive presentation on what the TI results mean would not go astray (eg a bit more talk about the 6 km strike zone and its possibilities).

Goes without saying that we need a good quarterly to add to the mix.

Would probably also help if someone informed CRE shareholders in words of one syllable exactly where their company is headed if the takeover does not succeed, as the message appears to have alluded most of them (it is in the Bidders Statement, however it looks like they did not read that bit).