yep good points B/I.
there are rules re these matters.
normally a s/h cannot go over 20% unless they make a t/o bid.
but there are exceptions to those rules.
I cannot recall those rules at the moment.
However, if FMS do a R/I, in which every s/h has the right to participate on a pro-rata level, then Todd can take-up all its rights, and increase its % interest above that 20% level.
it could underwrite the R/I, but am unsure if it would need s/h approval?
RTA of course did that series of C/N. am pretty sure RTA had to get s/h approval.
the bottom line here is of course, that FMS is going to run out of money soon, given the rate at which FMS is spending it.
we s/h have never been given details on just what the outgoings will be if FMS is put into care and maintenance mode. I cannot believe it would be $2m - $3m p/a they have previously claimed. Also, if there are spending requirements to keep the permits in "good standing", why hasn't FMS applied to have those requirements waived or postponed?????
FMS Price at posting:
1.3¢ Sentiment: None Disclosure: Held
