Some answers to our concerns about Mar Qrt, page-15

I agree with some of your commentary.

when I bought more than a year ago, it was clear to me (my opinion) that SD will never be able to fully acquire FML due to FIRB processes. Their ownership will probably remain where it has been for some time. However, SD needs to make money from this investment and need their loan to be repaid.

Companies like SD think long term and play the long game. The debt they have provided to FML on decent terms will get paid back to them with interest. The only way SD can actually make money from FML is either via dividends, or sale of their stake in the company, or sale of FML assets. SD probably already know what they want to do, however any scenario requires FML to be producing gold and making tonnes of money. No instos want to buy the shares is because they know this company will not be bought over for several multiples of PE, and also because SD have controlling stake. For Instos to make money, they need the company raking in millions in positive cash flow at least - this will happen in the next few quarters I suppose.

As a shareholder, I am thinking any of the above scenarios will work very well, for me, so I remain invested in the company for the long run.