I think you are missing a couple of things...
A few other overlooked and undervalued assets, tucked away here and there... maybe even some other potential that we're not aware of... yet ?
Still, there is a "basic" value issue vs. a $$$ value issue in the deal that was done in January, which goes fairly well beyond asking the questions you are about why it was that Philex valued the deal in the way that they did... ???
I do think it is worth asking that question you are, too... but, there aren't that many similar companies out there, I think, that do have that sort of access to and support from their majority owners. Whatever it is that FECOF decides to do, Philex HAS the $$$ and the other things that FECOF might need... to make it possible for FECOF to succeed... whether it is the Forum investment that does accomplish that... or not ?
I'm not going to pretend to tell you how to value that... or how to properly value the politics it seems are occurring around the GSEC101 / SC72 issues. I still don't see all that many similar situations where there are large values in play, and an apparent ability to bring new values into play fairly easily... where the questions asked will always be ones about the terms in the deals being done... rather than ones about their ability to make a deal happen, or their ability to find the ready $$$ that will be needed to make whatever it is they set out to do... work ???
Otherwise, I probably won't find it useful to argue much about valuation... of things that might be hard for us to value well or properly anyway. I do think the SC72 interest... really isn't all that hard to value...
And, whatever does shake out in the ins and outs of the foreign politics... I also think it might not be too hard to value what it WOULD mean, in fact... were the government to ACTUALLY move to expropriate properties from those domestic companies that they have contracted with... who have already invested in them quite significantly...
I doubt that many in the U.S., the U.K. or Canada would find that was a particularly useful precedent to have set...
JMHO
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