FEC Resources Inc. (FECOF)

[irishintelligence]

---------- Forwarded message ---------
From:
Date: Mon, Nov 19, 2018 at 1:40 PM
Subject: Re: Why is PXP missing FECOF
To:


--PXP owns 72.18% of Forum Energy and is trading at about $0.36 USD / share with 1,700,000,000 shares outstanding. (Market Cap is $612,000,000)

--FECOF owns 6.8% of Forum Energy and is trading at about $0.015 USD / share with 409,000,000 shares outstanding. (Market Cap is $6,135,000)

--FECOF is 1% ($6.1M / $612M) of the PXP market cap yet we own 9.4% (6.8% / 72.18%) of the same PXP asset.

--9.4% * $612,000,000 = $57 Million.


Now, I grant you that Forum Energy is not the only asset of PXP, but it is close, and therefore my $40 Million number is quite accurate.








On Sun, Nov 18, 2018 at 2:57 PM wrote:


Riaz, I am having a hard time understanding something. Maybe you can help.

We know from two weeks ago that PXP is diluting itself for Dennison, and now we learn they are diluting again for more cash. Two private placements...and Forum...untouched (good for us).

How is it possible that PXP can dilute itself so significantly and not hedge that dilution by buying FECOF shares on the open market?

I mean...$0.01 to $0.02 per share? PXP could buy another 5% of Forum for less than $500,000.


Then again...it is very telling that Paul, Claro, and you do not own shares...