Hi All,
A win for common sense and decency in my view. Given the delisting, buyback etc (the strategy) were all reportedly initiated by and unanimously recommended by the Directors of the Board - I think it is now only fair that we minority shareholders look to call an EGM and have the Directors replaced. It is very obvious that the bulk of shareholders (not shares) do not believe in these Directors. I questioned using stronger words but given H.C. rules and TIO lawyers read these pages i will stop at that point and suggest others also go no further. I appreciate that the resolutions will not pass as TIO will likely vote to save them given they effectively appointed them, but if we have enough votes (5% i think) to call the meeting, they must hold the EGM and go through the process.The fact that the press is onside and it will make news will only add to the embarrassment should they elect not to step aside.
I will be interested in the Takeover Panel final rulings and undertakings as that may also be embarrassing for Directors.
On another front, as I know that TIO/FMS read these pages - can Directors please update the market in relation to the recent comments made in the quarterly report and delisting proposal about the price of ore and the discount for <60% Fe ore and why all this extra Mine Planning/Maturation Phase needs to be constantly done to make the PIOP stack up. Putting such a project on the shelf with iron Ore prices where they are today is plain crazy in my view. The worst ore with the worst mine managers are making money today !! I reckon the cleaner would have dusted it off and put it back on the MD's desk by now - without instruction.
How about we all get on with building a mine to port project ? Oh that's right, TIO has a conflict of interest (being a potential buyer and transporter of the ore and FMS major shareholder) and has to ask minority shareholders to endorse any ore supply/sale arrangement. It had better be a good offer to clear that hurdle given past events. So without an Ore supply agreement they are unlikely to get finance for the rail or port construction. Likewise without an Ore Supply Agreement FMS can't get finance to build a mine. So for the last few years we have played this silly game and are now not supplying ore into a bonanza price.
Just my opinion, but why not smoke the peace pipe, stop playing funny buggars, put all the cards on the table, get a fair and equitable agreement signed and lets go mining so we can all make money.
Alternatively, TIO feel free to make us all a real takeover offer and then we won't care if the MD puts the PIOP project back up on the shelf.
cheers
