You are right on the math re the actual ownership interest in terms of a portion of some potential benefit in a distribution... but, as long as they control more than 50% of FECOF they still exercise solid control over the entire FECOF holding in FEP... all 26% of it. So, even if they only own 53% of FECOF, if they were to decide to sell the entire FECOF holding in Forum... whether to themselves or to anyone else... they'd not end up buying only half of 26% at the transaction price, rather than all of 26%...
The Philex org chart might seem an almost impenetrable puzzle to some... but, as long as you keep an eye on the meaning of the relationships in terms of % interest relative to CONTROL, and not just in simple terms of the math re % ownership... it will probably come to make a lot more sense to you.
I think you likely need to understand that focus on CONTROL pretty well... along with having an ability to guess at, if not fully answer some aspect of the questions I've asked about why the Philex guys ever thought that it might be useful for them to divide their various ownership interests among various jurisdictions they way they have... while considering, also, why they'd be likely to choose the jurisdictions that they have...
FWIW...
I could easily be wrong, of course... but I agree with some others here who appear to think that the recent changes in management are potentially a lot more meaningful for us than some others think they are... and not only because it suggests that Philex might have an active interest in buying out FECOF for something a bit more than $0.03 or $0.04 a share.
Of course, if anyone DID have any real interest in trying to buy out FECOF on the cheap, or the FECOF interest in Forum, seeking to gain control over Forum... what better way to do it at a price "below real value" could there be than by working at least as hard at manipulating the trading in Forum shares lower, over on the AIM, as much they might be trying to tamp down bubbling interest here in FECOF with some inexplicably aggressive shorts, recently ? You think those guys over there where Forum trades are just wholly incapable of doing the same quality work in DD as that we've seen done here... AND are also unable to find the IHub board, to check and see what we're talking about here ?
LOL!!
For myself, I'm not yet ready to sign up for a subscription to that particular conspiracy theory. Sometimes things just are what they seem to be...
Here, that seems it still leaves the "worst case" for holders being a near term potential buyout at much higher prices than a share trades for now. I may be the only one here, but, yes.... that would make me unhappy... were I forced to sell a large value I owned a part of, too early, for a price less than what I understand that value is... ???
Forum and FECOF have a common interest in the value of Forum and its shares, but, that isn't the only interest or value that FECOF has... including that FECOF's shares might have unique values that Forum's own shares don't, related to the CONTROL BLOCK issues.
Otherwise, holding FECOF shares has been roughly as exciting as watching paint dry for the vast majority of the time I've been here... and, in my experience, that is fairly consistent with my experience with, and even typical for, shares that do have generally under-appreciated values under tow.
The fun part here now... is that there is clearly progress happening now, including progress occurring potentially on multiple fronts simultaneously... on the gold project, on SC72, possibly on "management initiatives", maybe even including directly leasing some new bit of ground in the PI (which might also be used as a tool to try to leverage some % of Forum shares away from FECOF)? We appear to have more clarity on timing than we've ever had before... and, at the same time, what we expect re the timing in future developments related to the SC72 now is probably wrong... only wrong this time due to the obvious potential for some significant accelerations to occur ?
Trade it, hold it... whatever...
My focus is still getting more shares, over time. I just don't want to be holding fewer shares than I want when they DO finally land the big one...
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