FEC Resources Inc. (FECOF)

[irishintelligence]

---------- Forwarded message ---------
From:
Date: Fri, Nov 16, 2018 at 3:37 PM
Subject: Ongpin/Pangilinan/Uy // Re: Dennison non-binding / Paul Wallace Negotiating on behalf of PXP Energy?
To: <[e-mail]>


Ralf:

Although you may not write about this I will assume we are on the record.

Every comment listed here can be supported by publicly filed financial reports or emails sent from company executives to shareholders. I will send if you request.

This story is complex. It involves six (6) companies based in four different countries and Pangilinan/Ongpin are at the center of the story. Recently Dennis Uy entered the picture and at that point, I thought it was time to reach out to the media.



"may I know your stake or from what party you are from in all this?"

--My company owns shares in FEC Resources (company #1/6 based in Canada).
--I launched and currently manage https://www.fecresources.net/ .
--The shareholder list https://www.fecresources.net/join-shareholder-group.html is managed by me, however, I do not speak for these shareholders and they do not speak for me or my company.
--The connection between us, the shareholders, is that we agree on the language in the memo language listed here: https://www.fecresources.net/join-shareholder-group.html.
--We are not allowed to have a more formal connection at this point, although we are exploring our options, and have engaged with several law firms to understand those options.
--PXP Energy (company #2/6 based in the Philippines) owns 55% of FEC Resources.
--between 12/31/16 and 11/23/17 PXP Energy's economic interest in Forum Energy (company #3/6 based in the UK) jumped from 48.7% to 79.9%.
Note: Forum Energy owns 70% of SC-72/Reed Bank.
--between 12/31/16 and 11/23/17 FEC Resources economic interest in Forum Energy/SC-72/Reed Bank dropped from 18.4% to 6.8%.
--The entire block of interests (18.4-6.8=11.6%) went from FEC Resources to PXP Energy. This occurred by way of a debt for equity swap and a share sale.
--FEC Resources shareholders were told about the swap and sale after they occurred. There was no opportunity for FEC Resources shareholders to protect itself from dilution. No opportunity to retain our extremely valuable position in Forum Energy/SC-72/Reed Bank.
--Ongpin was told about the swap before it occurred. Atok-Big Wedge (company #4/6 based in the Philippines) was given the opportunity to protect itself from dilution and retains a significant position in Forum Energy/SC-72/Reed Bank.
--The Forum Energy/SC-72/Reed Bank valuation to support the swap and sale was completed by PXP Energy.
--The Forum Energy/SC-72/Reed Bank valuation to was never disclosed.
--Paul Wallace, the CEO of FEC Resources, works for First Pacific (company #5/6 based in Hong Kong).
--First Pacific owns more than 40% of PXP Energy.
--Dennison/Dennie Uy (company #6/6 based in the Philippines) just completed a private placement investment with PXP Energy.




"Would like to know your thoughts how all this will affect the possible joint exploration deal between the Philippines and China?"

FEC Resources lost 11.6% of its interest in Forum Energy/SC-72/Reed Bank without notice, without a valuation methodology, without an opportunity to protect itself from dilution, and Atok-Big Wedge was given an opportunity to protect itself (and they did).

Paul Wallace, the CEO of FEC Resources, works for First Pacific. First Pacific benefited tremendously from the FEC Resources 11.6% by way of First Pacific's 40%+ ownership in PXP Energy.

If the Philippines and China sign a joint exploration deal for SC-72/Reed Bank, it is obvious that PXP Energy, Forum Energy, First Pacific, Atok-Big Wedge, and Dennison will see tremendous profits. Will FEC Resources see profits? It appears that we will be required to fight for our profits in a Canadian courtroom.








On Fri, Nov 16, 2018 at 1:23 PM Ralf Rivas <[e-mail]> wrote:
Hi ,

Would like to know your thoughts how all this will affect the possible joint exploration deal between the Philippines and China?

Also, may I know your stake or from what party you are from in all this?

Thanks again for disclosing this and your kind words for Rappler.



On Fri, 16 Nov 2018 at 12:05 AM wrote:
Happy to answer any questions. Your publication is top notch, been reading for more than a year from my home in the US, I know you are willing to ask the tough questions. Thank you.




On Thu, Nov 15, 2018 at 10:03 AM Ralf Rivas <[e-mail]> wrote:
Got it, will look into it. Thanks, !