IMHO, the deal proposed to shareholders, is all about FMS and...

IMHO, the deal proposed to shareholders, is all about FMS and its minority shareholders, agreeing to swap a 100% owned and controlled Asset PIOP, in return for a minority, no-control interest in an Unlisted company named PIOP Mineco.

All for NO PAYMENT !

If we look at the proposal in the presentation and the meetings, nowhere are we provided with any detail of the structure above PIOP Mineco.
Nor are we provided with any detail on BBIG.

So we are asked to swap our real asset PIOP, for a piece of paper- shares of 40% in a new PIOP Mine Co.

We are told that the deal is good, because the carrot is that FMS will receive a 40% interest in a developed and operating mine, for no funding outlay by FMS and its shareholders.

So surely we (FMS minorities) need to understand what are the risks associated with swapping our real asset for shares in a new unlisted company?

I will bet London-to-a-brick, that the IER we are presented with, does not look behind the PIOP Mineco structure, and conduct Due Diligence on the BBIG Project and its structure, or the ability of BBIG/Chinese to successfully develop and market our ore.

FMS minorities need to look behind the structure presented to shareholders.

If we receive shares (and no payment), then what ability does FMS have to receive a return on those shares??

We will have given-up our asset - so we need to look at the ability of BBIG and Chinese associates to develop PIOP, and also to transport and market the ore from PIOP. How competent are they to construct the mine, the rail, the port, how credit worthy are the customers, how viable is the funding etc etc?

Surely, if BBIG & Co cannot succeed in delivering PIOP ore to its Chinese customers, then PIOP Mineco will receive no return?? The shares FMS own in PIOP MineCo would then be worthless.

So FMS minorities need to do Due Diligence on the ability of BBIG and Chinese to develop and construct PIOP, to rail the ore, to ship the ore, to sell the ore, and to receive payment for that ore.

So FMS minorities must be provided with proper Due Diligence on the Risks associated with the full BBIG Project. Not just the PIOP Mineco structure and development of PIOP itself.

Our Risk will be in the value and returns of the shares in PIOP Mineco.

Our Risk changes totally in this proposed transaction.