Ann: Update on Takeovers Panel Proceedings, page-16

The Panel has declared a situation of "unacceptable circumstances". It is my understanding that the Panel has investigated the circumstances only since the Board announced the delisting proposal. December 13, 2018.

Also, the conditions imposed by the Panel seem to adopt the share price at the date of the announcement to delist.

I feel this is not reasonable. The Panel might also consider:

1. How the Board had represented all shareholders for a long time previous to December 13, 2018. Were the actions of the Board consistent with ACCC requirements? Was the share price at December 2018 influenced by any Board activity or lack of activity? Were there "unacceptable circumstances" in this prior period?
2. Should the Panel arrange for an independent valuation of FMS with regard to 1. above. Were any activities, or lack of, by the Board prior to December 2019 responsible for a lower share price?