as an extension of that view, in the proposed deal for FMS to sell PIOP into PIOP Mineco, FMS borrowed another $5m from Todd group, which will be repaid from the proceeds of a new Rights Issue.
Todd has committed to subscribe for $6m in that R/I. Evidently, that commitment will apply whether the new deal is approved by minorities or not. So that commitment is effectively a debt for equity swap.
We have had a number of R/I over the last few years - so this issue is ongoing.
That issue being whether Todd has Inside info which minority shareholders do not have??
So the question arises, Given the relationship between Todd and BBIG, one would have to ask whether Todd had info such as the results of the FMS previous BFS, when Todd agreed to underwrite these right issues.
They can claim that the Todd entities which underwrite and lend funds to FMS is different to BBIG, but how can they persuade anyone that there is no cross-pollination of info?
Why would Todd fund even more money to FMS, even if minorities did not approve the deal, unless it had supreme confidence in the resources and BFS results??
In any R/I, ALL shareholders are supposed to have the same info, in order to make their decision as to whether to invest. Thats the law.
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