hey guys.........
i've been a bagholder of this stock for give or take 5 yrs.....because of the news flash of the gas discovery and the volume action......as well as small market cap at the time..i think i got in at 5 cents or .057 or whatever........ thinking this was gonna shoot up for sure back then......
I remember feeling sold out when managment let philex buy a controling interest over 50% of the company about a year later........while others argued it was good to have this large company in bed with us because of there connections with the govt. and being able to get us on the fast track to getting the ball rolling............I still felt sold out...
what i cant remember is how little philex paid for this company 3 yrs ago.........was it 6 cents...was it 25 cents? i dont remember......does anyone remember or have a record for it?
also,,,,,what would stop philex's board who own over 50% of fecof from deciding to just buy the shares of fep from fecof for some cash..........why would they need anyones approval? they already own 50 1/2 %...they dont need your approval......what is all this, canada wont allow it stuff.......its majority rules even in a democracy....so correct me if i'm wrong but theres no permission necessary when you are already the Controling Interest.........and philex is putting even more people on fecofs board so why am I the only one here who thinks we wont get whats really our true value here.
Yes, philex bought 2.5 million worth of shares recently again at .50 cents but stated clearly this was just to infuse the company <their subsidiary> with cash for continued expenses and that 50 cents is not what they think the company is worth <they dont plan on repeating that>. They could have bought 10% of the company's shares with that money reflecting todays stock price........ If philex was looking out for fecofs best interest, then why not let fecof borrow cash against its net worth in company stock or fep's equity worth......etc, for 8%........I just dont think philex has our best interest here...and if i were them, i'd be looking to do whats best for me too before anyone else .
glta
