Ann: Rights Issue Closure and Shortfall , page-8

AUD decline should help out the aussie miners.A 7% drop in 4 weeks and the forecasters believe the aussie has further to fall, especially if the yanks can QE3 as is being reported.

TFA took up their whole entitlement in the issue and now own over 26% of FWL. That $20M they were going to spend last year will now buy them the whole company at a 500% premium to today's price and I think current shareholders would be happy if such an offer eventuated.

TFA obviously have confidence in FWL to keep buying shares because the amount of shares they own they would have no hope in hell of selling out for anything less than a 99% loss. Chinese are very astute and rarely throw good money after bad. The question now is whether this is a long, long, long term investment or a strategic investment? I daresay if the shortfall goes to TFA then the answer to the above question will be the latter. After all, TFA must still have the FIRB approval to go to 50% of FWL from last year's arrangement otherwise they would not have been allowed to increase by 8% for the rights issue or am I missing something?