yep good points B/I. there are rules re these matters. normally...

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?????