why i'll vote no!, page-20

Hi Pranav,
Just a few comments on your points:

1. No guarantee that capital raise will have a positive impact on the share price. Atleast 1 cent dividend to each share holder would have been appreciated.
No guarantee of SP movements on any stock

2. No clear plan on how they plan to use the $ 237 million in say next 4-5 years time.
Agreed, however in 4-5 years time inflation may have eroded value, so spend it soon IMHO

3. Management themselves are not buying substantial quantity of shares to bring confidence in the market. I think I would have more FML shares then they recently bought.
Management are buying, not selling

4. Management should have made announcement about the possibility of deal with Shandong six months back when they initiated talks. As always no proper communication from BOD.
Do you understand the term "commercial in confidence"?

5. The chairman's letter also mentions that they may use the fund to do further acquisitions which I presume would further dilute our position in FML.
Your presumption is merely a presumption. Many assets can be aquired within this large amount offered

6. Still no info on what's happening with Stone's holding in CRE.
Agreed, patience may be required

7. How will they reduce the production cost and by how much for each of the four mines and in what time frame.
Not announced yet

8. Is there a guarantee by BOD that the rate at which they have been burning the cash till date won't continue.
Cash burn will increase IMHO on exploration and development work that we could not fund internally

9. Six presentations done in last one year by Campbell from Broken Hill to New york, still no one is interested to put there money in FML. Does it mean Management is uanble to market the company properly???
IMHO FML's low cash reserves have been the problem there, lots of potential, but no cash to do justice to ground position

10. No update on TI for more than six months. How long before they give any resource update on TI. What Dean Goodwin doing ???
Drilling ceased when all exploration was halted, pending review, now completed. In Dean's defence, he is head of geology for the whole of FML now, not just TI

11. No info on what they plan to do with Nickel exploration and mining.
As far as I know Nepean was put on hold due to depressed nickel price, and no spare cash to drill Nepean


IMHO many of your pet peeves will be solved by lots of cash. I further note your previous posts are critical of the BOD, however apart from criticism, you offer no alternatives.

A quote for your consideration: Examinations are formidable, even for the best prepared, because the greatest fool can ask a question the wisest man is unable to answer" Charles Colson

DYOR
K


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