FEC Resources Inc (FECOF)

[irishintelligence]

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Date: Thu, Aug 15, 2019 at 8:25 AM
Subject: For Paul Wallace: The Syncora Example
To: paul wallace <[e-mail]>, clint5841 <[e-mail]>, CCPR <[e-mail]>, Kagetsu, Brett <[e-mail]>
Cc: Riaz Sumar <[e-mail]>, Tim Strong <[e-mail]>, richard asbridge <[e-mail]>, Tim Strong <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>, <[e-mail]>


Paul:

A good example of what you and the board of FEC Resources can do for shareholders:

https://www.marketwatch.com/press-release/syncora-holdings-ltd-announces-agreement-to-sell-syncora-guarantee-inc-for-3925-million-to-star-insurance-holdings-llc-and-corporate-governance-change-2019-08-15-21841340

I have been a Syncora (Bermuda based) investor since they were trading at less than $0.10/share. Their board worked tirelessly for years to balance the interests of shareholders with the interests of debtholders. In our case, when will the board of FEC Resources (Canada based) balance the interests of majority shareholder PXP Energy with minority shareholders?

From the Syncora media release:

a) "The process included solicitations of interest from dozens of potential acquirers, executed non-disclosure agreements with 20 potential acquirers and bids from five interested parties. After several rounds of bidding, the Board of Directors (the "Board") of Syncora selected GoldenTree's bid as the most attractive to Syncora."

b) "The financial effects of this agreement and the anticipated method and timing of distributions to shareholders are expected to be disclosed at a later date."


Paul, you and the board of FEC Resources must do the same with our 6.8% of Forum Energy. Anything less will result in litigation which will prove that company leadership is guilty of conflict of interest, oppression, misconduct, and improper procedure.