I wouldn't take the AGM resolution's as a given for a CR, as the resolution is a measure that is put forward each year to provide maximum balance sheet flexibility. That said, it can't be ruled out..... yet.
FRX have in previous years provided an investor update at the AGM, and being 2/3rd's through the quarter at that point, they should be able to provide an indication of how close they are to CFP.
I agree the CR has been fully priced in, and like our friends over at UNL, once some good news hits we are likely to rise quickly.
Compare FRX with UNL, page-15
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