Ann: Update on Takeovers Panel Proceedings, page-18

Todd won't give up trying to destroy minority shareholders as without FMS they are nothing he needs 50mtonnes per annum for his deal with western aust gov rail project. They will try by all legal means to takeover the company and his time to get it is ticking over he has a schedule.

The battle is just started and his corporate lawyer will be working overtime on plan B then C.

Need independant management who want to see FMS succeed in getting of the ground or course Todds directors who in the past all 3 director were employed in Todds companies.