Think there needs to be some thought given to likely outcomes...

Think there needs to be some thought given to likely outcomes for CRE in the event that the FML takeover bid fails.

First thing is that the CRE share price will plummet as the takeover bid has exposed a myriad of problems being experienced by CRE, the most serious being that the company is close to being insolvent - even a marginally profitable campaign 7 will probably be insufficient to drag CRE out of the mire.

Second is that FML will in effect control the company as it will either have, or be able to acquire a 51 per cent interest, and as such will be able to dictate exactly what CRE will be able to undertake in the future.

Thirdly is that FML will be able to make after six months a new takeover offer under terms it decides at the time - you can bet that this offer will not be on a one FML share for every 1.18 CRE shares, but will reflect the state of CRE as it then stands compared to the then potentially stronger state of FML (maybe one FML share for every three CRE shares?).

Your shares, your decision (yes, I am an FML shareholder, however I am not thrilled about this takeover either).