"but the finance deal with alliance I believe was 50% of the...

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SuperTim

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12/11/14

13:55

Post #: 14276849
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Originally posted by jzed ↑

hi evets,

3b have been issued by fas to gurney capital nominees (an investment company i suppose) basically at the sp price or vwap (look it up). last year 2014 225,717,640 shares where issued ie Fas went from 1.6bn shares to 1.825bn, and now are at 2bn shares ie the "cake" got bigger so each share is worth marginally less, (therefore if you want to "keep up" with your slice you must keep buying). So the cake got bigger not by productively but by "selling the farm" Why? FAS needed the money to spend. This was always going to be the case anyway, you have to give to get!

HOWEVER, if we get the loan and production all of the sudden the cake could get 10,20+ times bigger and you still have the same slice!

It is fair to say that running and junior mining company does have cost and no revenue. Iron ore prices have dropped and FAS has mounting debts, which are continually "rolled over and over" some $17m a drop in the ocean really compared to the value of SHIP.

The issue is the company is being diluted by the 3b's but the finance deal with alliance I believe was 50% of the company plus plus plus which KR finally rejected. (fair call). Its not the 3b's that are the concern, the concern is the auditors have not been able report to the ASX they satisfied with the Iworld deal is actually on.

KR an Con and fees, If KR is getting 400k why cant he pay 100k out of his pocket for a loan with interest at 50%? (I dont know).

IMHO all the resolution need a yes vote the remuneration and re-election of the board the res no5 3bs they are already done. res no6 is our life line.

The financials are done and dusted, you have to submit questions in writing by the 22nd.

Some on this thread are going,to the AGM and many have been before, maybe someone can post some ideas.

Cheers

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"but the finance deal with alliance I believe was 50% of the company plus plus plus which KR finally rejected. (fair call)."

You are kidding right?? You are not seriously suggesting here that there was actually a real deal with Alliance Super Holdings for $240M + $600M credit facility as needed and that KR rejected it because it wasnt a good fit?!

In April 2014 PDY announced a $6Billion funding deal with the same guys which then never eventuated because wait for it.. not a good fit for PDY either?.. or because... seriously..

FAS Price at posting: 0.4¢ Sentiment: None Disclosure: Not Held
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"but the finance deal with alliance I believe was 50% of the...

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