Plainly Todd do not believe they have any danger from a third party and hold the strong cards.
Instead they've lobbed managements's a'commercial in confidence' rubbish straight back at them. Management are stupid if they think the empty stuff they say is going to achieve anything. Get real facts out. (Besides we already know how stupid they are from the history of the last couple of years).
I suspect they are right. Todd know that most of the shareholders who currently hate them will vote to spill the board so Todd don't need to win the company to get what they want. 25-30% may be enough.
Further Todd also know that most of the shareholders who currently hate them will support them if the board is spilled and the company then works with Todd to get the PIOP up and mining - and using Todd's rail and port which is what they mainly want. Because who cares if it's Todd or FMG or ocj or rio who drives this on right?
Personally I would never believe a word this management says about anything which is why I've only watched from a distance until recently. I just want to make a nice quick spec gain - 3+ cents would dislodge my holding quickly. In another month it might take less than that.
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