Quality of Our Board, page-16

I know there is a constant fear that another privatisation attempt may be made but I know FMS Board would be on very shaky ground. The Board has to appear to have promoted this Company and given the stranglehold on decision-making, because no progress has been announced, despite the Board having their own way and getting their decisions across the line! The facts speak.

And there has been no positive ASX Announcements, or ASX Announcements to support our consolidated SP, and given the current price of iron ore (which is sky high AGAIN) our SP should be speeding UPWARDS not downwards. How can FMS function and appeal to the public and make our ASX listing exciting if the Board says nothing? The facts speak.

Todd Corporation could not privatise FMS even IF he wanted to, in my opinion, as it is my belief it is the major shareholder that prevents the Company enjoying the current, and the past, SP from taking off. I can only deduce it is a reluctance to share. Otherwise, tell the minority shareholders what is holding up progress - even positive Canegrass news would be exciting. We don't just have iron ore.

My second point is that minority shareholders would not take a privatisation attempt laying down. We didn't before and we won't again.

I bought these shares in my 50's and turned 70 last month!!! I have waited this long, I can wait some more, so if the idea is to drag this out and hope minority shareholders will drop away, then I don't think this will work, either. And finally, maybe, given Mr. Warburton's recent crowning by Curtin University, he is about to reveal the most amazing positive news for the Flinders SP and all of my ranting will be pointless and unnecessary ???? I sincerely hope so.

My thoughts and opinions only. E&OE