AGM Notes, page-24

If I were OCJ I definitely would NOT want a representative on the FMS Board. As I see it, FMS are digging a deeper and deeper hole and OCJ have proved they are the king makers. Just like all minority shareholders, OCJ cannot be happy with FMS attempts to introduce a new constitution that could weaken minority shareholders and OCJ’s positions. That appears to me to be an ill conceived strategy by FMS and will come back to bite them in the bum. And deservedly so IMO. It appears to me that FMS actions have only strengthened the position of minority shareholders and OCJ. It appears to me that the expectation at the AGM by FMS was to get the new constitution approved then shut down the meeting with the powers from the new constitution. Why else would the Board decide not to allow the Executive MD to present to the meeting? All prearranged possibly? So now we have an “Independent” Director (and Coates) that is/are on the Board almost solely at TIO’s discretion both of whom had the vast majority of shareholders vote against them. IMO, Warburton should resign. At the very least FMS cannot claim him to be an independent director IMO.

It appears to me that there are two classes of FMS shareholders. One that has a majority of shares and a seat on the Board that no doubt gets full information of the company plans, and the other, minority shareholders including OCJ that have to fight for every snippet of information. Does anyone have any doubt that the TIO Directors on the FMS are not FULLY informed? Does anyone doubt that other shareholders are NOT fully informed?

IMO the lack of transparency shown by FMS towards minority shareholders could only be seen as nothing short of oppression against minority shareholders. The reports from attendees of the AGM could seem to verify this. Needless to say, those reports and email accounts of the AGM proceedings have been saved and collated.