RE:The ENVELOPE is a little light for the Class B shares!!I got a reply to my follow up email to the TMI CEO on the questions I posed in the last post.
He indicated that the $500,000 was, in fact, deducted from the TMIAF 15%.
Also, indicated that he could not comment on the funders amount finally deducted due to confidentiality agreements, so I have to assume that the 33% mentioned in circulars over the years was what was deducted.
Unfortunately, from TMIBF shareholders perspective he also said that an amount (not specified) was deducted as Malpeque2 suggested from the award, for the project data. While this was not illegal, I am afraid I regard it as a bad faith move by the company. Afterall, this data had no value other than to TMI. Nobody was prepared to purchase it. Bolivia, as the CEO indicated in his email simply used it as a ploy to have them pay up earlier to TMI. So, in that sense TMI already got value from the data in terms of time (and possibly $) saved.
TMI seems to have taken over a million $ for this data from the award (before share calculation) based on an estimate of their other legal costs as stated in the final award document, etc. This means a loss of at least US$0.01 per TMIBF share.
Again, not illegal but disappointing as the company has negatively impacted the B shareholders because of the lack of value of their data (and as a reaction to the small amount awarded v their original expectations). The $1 mill + data represents an extra approx.., 7% (on top of 15%) to TMI. It also shows the inherent conflict of interest that I have suggested in the past exists when a company controls 2 different shares with an interest in the same outcome . However, an excellent lesson to recognise for future potential investment specualtions.
GLTA -
https://twitter.com/EarthsRare