petition, page-13

Wouldn’t FMS have seen the voting for the original application to De-List? Would they have seen that probably no one voted FOR the resolution (other than TIO)? If they looked at those votes wouldn’t they’d also see the huge numbers of minority shareholders that voted AGAINST the resolution? Wouldn’t the independent directors then insist that a future submission to De-List would be subject to a Special Resolution or, better still, simply vote in the Boardroom against any De-List proposal?

I notice in the TOV Undertakings item 8 and 9. This requires the company to take a loan for up to $25.3m plus $3m +$4.6m giving a total of $32.9m. Now one of the reasons given for the De-List was cost of remaining on ASX. I believe that cost is under the $200k pa mark. If the loan interest is say 6% that means interest of around $2m pa! How does that make sense? How does it benefit the company to pay out about $6m over three years instead of about $0.6m just to become De-Listed which appears to be only wanted by one shareholder? The interest payment may well be capitalised and total repayment almost $40million!

How could FMS be prepared to consider such a loan when the company has not demonstrated any ability to repay the debt?

Now, usual disclaimer, I not a financial advisor and my assumptions and figures may not be correct. So DYOR and any critique or comments are welcome.