Ann: Becoming a substantial holder in FMS by DB G, page-42

re: Ann: Becoming a substantial holder in FMS... Does anyone have any idea about Queensland rail in the Pilberra, the timing and the possible route.

The situation we are in may present a possible timing opportunity if Queensland rail was to inform us of the above information.

Its strange the woman in Russia got up on her injunction with less than 0.001% of the shares in the relevant company. When you read what was on the internet about Viktor then it is obvious he is off the Christmas card list for a lot of his countrymen. In ordinary circumstances that injunction would not have gotten off the ground but if you go around upsetting people then sometimes a little situation goes ballistic.

I am against the takeover however one has to accept the majority rule, what upsets me is I have set in plan what I will do with the TO money and this delay has upset those plans. Today being the 10th, the cheques I think were supposed to be in the mail on the 15th. We are assuming they will sort this out, but that does not mean they will. Equally we do not know if Viktor is using this to change financiers.

This is the reason the directors need to talk directly to QR to get answers. Knowledge of that could make it worth considering which direction we want to go. I take it there is no penalty to Viktor for this delay, which incidentally is the second delay.

If Viktor gets this injunction overturned, was it the 28 of this month, then we have to obtain a time to go to an Australian court to get approval and we don't know how long that takes. Sometimes the court timing can be quick sometimes it takes longer.

There is the concept of a two edged sword and that is why the company needs more information about QR. This could be a blessing in disguise.

At very least Viktor needs to make a payment to FMS for the interest on approx. 600 million for the time of the delay.