Ann: Change in substantial holding , page-4

Why I like the announcements of the past few days:

--New Chairman who's purpose is to make sure
"The market is well informed of the progress the company is making, to focus interest in the value offered in the shares and to ensure the maket capitalisation of FWL accurately reflects quality of its assets"

--CDRC approval (TFA agreement)
Is the hardest step, and the rest just seem like a formality, therefore we will be getting another $2mill + $2.4mill (when options are exercised) + the funds for project developement when the $20mill funding tap gets turned on. When the stock is trading at 1/3rd of the price of the raisings, talk about upside.

---TFA buying on market
Gives support to the stock down here. I prefer a major player buying the stock, then some trader who is just going to cap it further up. That takes 1.2mill shares of the table creating a tighter share registry, and opens up T/O and a major player who can fund any DSO find etc

Talk about upside if we find DSO, and even if we dont downside is so limited given the cash we have, and project funding that is coming. Who in their right mind would sell in the 6's, and find me an ironore stock on the ASX that is a cheap as FWL and is in the situation FWL is in.

Risk /reward down is a buy
All IMHO though so please do your own research.