Edison Report, page-16

Hi Trav. The real reason? Here is my view. Whilst there is very low sentiment for IO stocks at the moment investors will take risk where they believe there is a reasonable likleyhood that they will make $$$$. Given FMS performance to date and the plans to get into production in 2012?,2013,2014,2015,2016,2017 that now looks like 2018 I believe the main reason is that there is no confidence in the FMS Board of Directors ability to deliver. My guess is that the sp reflects the markets perception that FMS as it stands is not capable of getting into production and make a reasonable ROI. This may change rapidly depending on the BFS, the Rail and Port solution and wether Todd or others take over management of the whole project or TO FMS. Just my opinion. GLTA.