Replies to post #10985 on FEC Resources Inc. (FECOF)

[irishintelligence]

---------- Forwarded message ---------
From:
Date: Thu, Oct 25, 2018 at 10:15 AM
Subject: Another missed opportunity by the FECOF Board...
To: Paul Wallace <[e-mail]>, clint5841 <[e-mail]>, Riaz Sumar <[e-mail]>, <[e-mail]>
Cc: <[e-mail]>


Paul:

On a day when PXP Energy's net loss widens to P31.4 million the PXP stock is trading at its highest level since February. February was the highest share price of all time.

Trading at the highest levels after a wider loss? More buyers than sellers, in word, and in deed.

Who's buying?

"After the subscription of Dennison and Philex to the foregoing shares, Dennison will have a total ownership interest in PXP of 14.78 percent while Philex will increase its stake to 25.91 percent."

An additional 600 million shares of PXP will be issued, the total will be 2,300,000,000, at USD $0.22/share (11.85P) makes PXP Energy private placement market cap $506,000,000 !


Three points:

1) With this private placement there is no possible scenario which will a) allow you to comply with your Canadian legal requirement to obtain the highest price for our Forum 6.8% and b) sell our remaining 5+ million shares of Forum for anything less than 5-10% of the PXP market cap. Your "independent valuations" will not suffice...the price rigging is over...Dennison and Philex have spoken.

2) In support of point #1 above, PXP Energy, which recently elected you to the board with your lowest % support since your tenure began, stated on the same day as the placement: “The company is mindful that the Malampaya gas resource, which supplies about 40 percent of Luzon’s power requirements, could be exhausted within the next decade; in that light, resumption of exploration in SC 72 is of national interest. The company, therefore, remains hopeful that the force majeure imposed on SC 72 and SC 75 will be lifted by the Department of Energy soon for the Company to be able to resume exploration works in these SCs,” PXP said.

3) How is it possible that 600 million shares of PXP are issued and you do not have a seat at the table representing FEC Resources? $76 Million from Dennison and $59 Million from Philex and you are unable to obtain $18 Million in shares for FEC Resources? It appears this was a perfect time to have shares issued to FEC Resources in exchange for our 6.8% stake in Forum and you missed the opportunity.


Paul, Lyle, Riaz, a serious question for you. Why are we paying you?




http://www.manilastandard.net/business/power-technology/278896/dennis-uy-buys-p4-b-shares-in-pxp-energy.html