I take this to be the Bods venting report are SH now pleased we didn’t receive many anns. Still can’t help themselves with negatives although they joined FMS. SH didn’t join Tio. They had time for due diligence, so, stop loading it on to SH. Can’t help thinking of MIN/BCK.
FMS positive activities report will be out soon?
If they have issues with ASX “Guidance Note 33, “Removal of entities from the ASX Official List” take it up with there peers and ASX.
I’m sure Bod corporate advises had mention the risk and they took a “punt” they would have been better sticking to Winx.
I think SH have been consistent since the beginning with the “option agreement”.
Since having a portion of shares delisted is so important to FMS I’m sure the independent directors will pursue Tio to give up there shares for the betterment of FMS.
(Sorry, what did you say?
Have person reading over my shoulder.
Did you say “pigs might fly”?
That’s terrible. That comment could derail negotiations with Tio)
Moving on.
Tio has not bought orsold shares.
So, why complain about lack of liquidity in FMS trades?
As the saying goes “look in your back yard first.”
“TIO has been the onlysignificant shareholder that has fully supported all capital raises but hasadvised that it does not wish to continue to be the funder of first or lastchoice.”
So, what’s the problem?
Increase the cut of point so we have a deposit of 58%+ , publish the
Positives of the deposit.
Funding a project is one of the primary tasks of a Bod so, go to it.
How did the previous bod get an offer of 30c a share.
I don’t think BCK have done a BSF.
I’m sure if FMS delists and have 44% of the deposit to offer would swamp the bod.
Re Tio funding , lets go back to the Option Agreement which was a Tio take over. If it had gone through, Tio had to spend money on the deposits. So, the moneys spend to date on PIOP/Canegrass is for Tio’s benefit. I can’t accept the current spin that Tio is a separate entity.
In theory it is.
Tio employed NW, Tio’s had a say in employing Mr Mc.
Who has a say in renewing his contract. Is it NW that puts to the board New business, renewal of Mr Mc’s contract.
Tio retained RK.
The Bod must have Tio’s long term view as a priority.
The constant admission by FMS bod that they don’t have any formal or informal agreement with BBIG may be so but BBIG major shareholder Tio (around 90% ) is on the FMS small board, and FMS bod or Chairman wants us to believe that at no time they asked Tio,
Words to the effect .
“what’s going on with the PIOP mentioned in the rail agreement.
Karat her Chamber of Commerce presentation, where N Curtis was shown as being in charge of PIOP in the future and able to get ore to China at $30/ton . Where did the figures come from?
BBIG tenders of mining camp at PIOP and FMS bod either not aware or didn’t ask Tio “what the”
FMS bod had no idea of the above because they want us to believe that they would have announced it? But also didn’t ask Tio how did they get the figures.
BBIG have worked out the number of employees and FMS hasn’t? (can’t believe it)
When the BFS costs of 40-$50mill was mentioned I thought it may have included extra drilling.
BBIG has no real assets and is going ahead with $5-6billion project .how can they fund it?
Must be great case study for the FMS Bod.
Since, BBIG is based on PIOP I/O does FMS have to prove in the BFS that they have multiples of $6bn to enable BBIG to go ahead. In effect PIOP will sure up the funding of the total project.
Need 1.45bn ton of I/O at 60%Fe + (off course maintaining Tio’s profit margin)
I take that the current expenditure of BBIG is in the few Mill as usual.
Of course Tio has BCK takeover failure on record.
Hay Stack flats no substantial ore.
BCI no takeover of tenements reported.
No of proposals withdrown.
Business media reporting that Tio doesn’t want to pay the normal extras associated with a takeover is not mentioned in the anns and a delisting of FMS is offered by the bod. (only makes sense to the bod)
Well it seems that Tio is the only one having problems in the Pilbara . I’ll mention again MIN /BCK agreement generally 50-50 no money up front by BCK.
Min is building Port rail and mine.
Recently $200m was invested in MIN and the media thought it was a board member. That’s more than Tio wanted to buy FMS for. (sure different Co but also different mind set )
Ellison MIN( Mr Ellison is the MD) is how the media reports matters about MIN. He is reported as the driving force.
FMS SH will not see the same recognition given to FMS executive.
Vanadium at Canegrass, failed to mention results only based on 5%of the tenement having been drilled.
In conclusion I’ll stay with pre Tio anns and let the bod work out why
Black Jack is described as a large shallow deposit containing up to 63%Fe from surface.
Now does the bod say it doesn’t exist?
My take is that FMS ore has to finance the whole project of port, rail and mine.
It can with a different bod.
IMO What has damaged FMS the most is the Chair at the 2018 AGM reported as saying they wanted to find ore with a zero behind it (or words to that effect ) when the finding at Black Jack had been announced.
FMS didn’t need shareholders. (see how far that got them) Unanimous d bod decision.
No recording of meetings
Restricted access to meetings. (great PR)
What happened to Todd Corps great balance sheet???? To much spent on spin?
Apologise on the length, but the bod aint inproving.
By the above post I think SH unanimously agree re the Qty.
GLTA
