iceydoctor - i think you're probably overstating the perceived...

iceydoctor - i think you're probably overstating the perceived "overhang" if stone converted to fml and then wanted out. back of the envelope their stake would only work out to about 3% of fml i think

also block trade does not necessarily mean "substantial discount", as stone (and their broker!) would clearly be incentivised to maximise proceeds, and there are currently several instos in FML who may want to further build a strategic stake and taking out stone off market would be handy way of doing so. don't forget the asx300 next week will open us up to even more instos which may add to the competitive tension.

on the question whether stone are trying to build a long term presence here or just interested in a short term trade. below extract from their recent fy report to the toronto exchange as well as the a1 deal seems to suggest they do want to be a player here rather than a trader:

"Other Mining Projects: The Company has contacted certain mining companies in Australia and hopes to discover appropriate partners and projects in the country. The Company has dispatched several geologists to the region to explore these possibilities."

yeah clearly they got off on the wrong foot with fml and there are probably some cultutral differences to work thru, but this must seem like childsplay compared to their investment in Yemen!:

"[30aug] in light of ongoing political instability and armed conflict in Yemen, the Company has been forced to suspend its operations in Yemen. Stone has left a number of local staff in place to guard its offices and other assets. The Company's exploration and other activities in Yemen will be restored once Yemen's political situation becomes clear and public order returns. As a result, the Company has shifted its attention to exploration opportunities in other parts of the world"