Spin Off should be named ripoff. This is Kevin wills and co true...

Spin Off should be named ripoff. This is Kevin wills and co true form. They get a company to a certain point then spin off a new one.This gives them new money (if they use the 20cent IPO share price) and a new director fee to claim. Proof of this is FDL spun off MXR who then spun off ERO. All the same stable, same people. Now they want to spin off Flinders Exploration.
The Money raised goes to the new company not FMS so no benefit what so ever will go to shareholders of FMS which was a name change not a new company. Yes there was 2 parts running inside the one company but all companies do that. Even my small company before I retired. Thats only a book keeping practice. Don't hold your breath for any shares. The only advantage you get is that you are guaranteed a certain number of shares in the IPO but you pay for them and no discount either. All that I have said is how they have done it in the past so apologies to Kevin and co if they change their modus operandi.(or how ever its spelt) I have had this out with Kevin years ago but he doesn't agree so who am I to know better than him. Previous blogs by me show that I have not agreed with this practice for years