some considerations

Team FMS,

Having been on this ship for a long time and having sold down a lot of my holding this year (and investing that in NEN for a 85% gain on paper), I thought I would share a view...

If you consider when productions could commence (2015/2016) relative to other supply coming on stream we need to consider the risk element here and consider some comparitve companies..

The project has a long way to go.. needs lots of capital and still needs rail and port deal (dont forget the port bit).

If you consider Market cap of AGO which is an outstanding company (and look at the cash its holding when considering its market cap), the FMS 0.30 price is not too far off the mark. Of course I would like 0.50 too and I am def holding and think it is plausible to see another offer but not certain obviously.

Everyone wants to pay off the mortgage from spec stocks given the risk-return equation.. I suggest that we should sit tight and hope for another offer or accept the one we have in the absence of a new one.. Given the premium (a lot of premiums are normally 30-50% and ususally a bit higher for the spec stocks like FMS) it is not unreasonable for mgt to recommend the bid.

A profit is a profit is a profit.

I go back to FDL days so I feel like my view is well considered.. I don't disagree that mgt has maximised their exit and some of that could warrant a look by ASIC but I also think that you don't want the comapny mixed up in legal issues during this important time so I would leave this issue alone. Look at what happens to companies where uncertainty is introduced like a legal challenge.. the share price drops guys.. be careful

love all the FMS long term holders.. its been fun

Damo