Hello Kalimaya,Seems I am blind now. I did a double take when...

Hello Kalimaya,

Seems I am blind now. I did a double take when the offer was announced I was actually shocked. I read the data provided a few times and came back to it at the end of the day and looked again.

In the mean time I prepared a quick SWOT analysis and it became apparent the money was very large and that there was more to this than met the eye. I was initially pleased at the advantages and the jury was out on other aspects even though I had some assurances I wanted further professional opinion.

I made the mistake of reading HC extensively and became dismayed. So I picked up the phone and started asking questions and tried to absorb this in greater depth. That was one intense day as I initially tried to fathom the responses in HC. And the days rolled on in the same tone.

One thing that strikes me is that investors assuming nothing has been done right and that performance has been poor are looking at an 'apparency'. An illusion 'apparently' something, but actually something else. The share price heads down in a down market and suddenly the Directors are deliberately selling you down the river (?).

I was talking to a substantial holder yesterday and he has oscillated himself yet he now intends to support the deal. We are not blind or wearing rose colored glasses and do question some aspects of the deal and delivery as part of our discussion. He mentioned the massive progress at Coolgardie every time he goes there and he is right. Whilst he has not gone to Laverton I have and see the same story, massive progress.

The funds were there to buy a bargain distressed asset and FML could not credibly go back to the market for $ so they had to manage and they did so while transitioning to a 600 employee company. From a $20M explorer to $300M and back again as share price fluctuated. They have turned around Laverton to set a base to grow this second gold field. Small achievement? I challenge those knockers to look more closely at this if they dare to challenge their own reality for the sake of analysis.

Now I am told the Board are under performers and am gobsmacked at the attitude of some armchair Directors that have worked out how to 'get it right'. This even descended into slander and extreme insult and I have to wonder if these posters had visited site and watched the progress and stood in front of The Board and Management could say these things.

So DT finds a way to avoid the growth path they have used to get from $20M explorer to dual region producer. Apart from plowing operational cash margins back into growth of our company they have had to raise money for the big moves - buy out partners, take control of own milling at Coolgardie and major expansion at existing operations that was instead invested into CRE to expand on that path instead. Everything that could go wrong did and FML did outgrow the specific expertise of JonG for instance but that got handled as did problems that arose.

So he then goes out and secures $227.5M to get this done once and for all - to get this much larger company onto a solid footing for the future and benefit of all and a bunch of armchair experts want to sack him. It makes me want to ditch posting in here altogether and yet I want to assist as best I can.

Now we are going to see the excellent ground position with a team that has proven it can grow the company and proven it can manage difficulties without a collapse - and proven they can attract a Tier1 investor in a tight capital market. They have attracted superb staff and secured a position on the BLF that has the whole international gold industry looking on. Sold you down the river have they?

They have had the vision to grow from nothing to a Tier1 mining house and are well on their way and armchair Directors know better - well do they? Really?

And you want to replace them now I really don't understand. There is no room to write a book in here so yet I have to gloss over those difficulties that arose - and yes a number of things could have been done better and I suggest they will be.

I hear the communication is going to ramp up and that they do hear you. If you understood and knew the people you freely insult and rage against, and that they do care about you even if you only have 10,000 shares as skin in the game - I think you would see things differently. Yes I have decided to back this and know the people and have walked the ground - most of it - and toured the mills and understood the strategy all along. They are growing a serious company which has always been the intent. They want SP growth for all and this is the best way to achieve it. This is how you get your reward.

I have put the financial report to two accountants - yes corporate ones for analysis in context with the growth path and market conditions. Will comment when I have qualified opinion. Support your Board they have achieved a massive transition only partly completed - they are exceptional and they do care and are real.

Sincere regards,
CW
DYOR&DD