why i'll vote no!, page-7

I think the arguments for voting no are showing clear alternatives. Voting no will increase the share price in the short to medium term, as the value of our increased production, decreased costs, and increased gold price is realised.

We do not need that amount of cash, all it does is speed things up, or allow further short term acquisitions. Neither of these will increase the share price based on past history. The market clearly does not like this turn of events and the share price has gone down over the deal, when it should have gone up significantly given the price of gold and other gold stocks reaction.

Enough cash is produced from operations now to fund a modest exploration and development program in the near term. When the price is up over 10c, we could look at capital raising to speed up development, but the forecast increase price of gold and our increased earnings, other financing would be an option. Dilution could be kept below 20% maybe, institutional investors would be happier and keep us on their books, further share price increases.

There is a chance at a hostile takeover, but that would only work with a significant premium to our already much higher share price, or 80% would not agree to it.

Increased share price is what I bought FML for, and I believe is what voting no will bring. The offer and the prospect of a yes vote has decreased the share price. That makes my no vote guaranteed from the start.