why i think yes , page-5

It is a shame that so few of these threads trying to ridicule the idea of voting no, actually post any detailed financial arguments. Every time I see a highly rated post I look for some convincing info but instead find a raft of emotive misrepresentation. No one I have read about has seriously suggested a problem with foreign or specifically Chinese ownership, or any smuggling of gold. The only issue is the 51%, and the amount that is being raised without ANY detailed financial plan (A or B) released. It would be good to see an update from their last quarterly report to say if something has changed from the forecast $300M positive cash flow in the next 2 years anyhow.

The risk of having a majority shareholder is well stated, and there are extra regulations to moderate this power, but in the long run most large stakes in a company that does well lead to a takeover. How many examples of companies with majority share holders remaining that way in the long term, with rising share price and dividends? The means and the motive (i.e. future value of gold owned by FML) have been established. In the end though it is about the share price, which is about more buyers than sellers turning up. In this case we have the price of the target company dropping significantly from the offer.

But then this is probably not a problem if your numbers tell you Shandong could have taken over the company for 6c a share. That is they could pay 20% more for 100% of the company, no need to toss out the directors and management, infact they could double their salaries and still be doing a much better deal.

I am sorry I really don't mean to offend you it is great to have strong opinions for why you are voting. Then almost every time I get a highly flaged post here, I log on looking for some arguable evidence, deductions, answers to problems with the majority shareholder issue to at least push me towards a YES vote. Instead the highest flagged posts seem to be emotive and unimaginative ridicule of counterarguments that were never even postulated.

Good luck to all. On the positive side, there is good sign of technical support holding, and money flow is positive on an hourly chart, despite gold falling. Holding here and hoping for a better offer to come in or some word from the instos...