ANOTHER REASON .........There are many reasons why this is a bad deal for most shareholders. I have just found another one. If this deal goes through, the PRIVATE COMPANY of 'AS and FRIENDS' will have 100% control over accepting or rejecting all acquistion offers. If the PRIVATE COMPANY is receiving 92% of a decent royalty cash flow they could easily reject an attractive purchase offer which the small shareholder of Replicel (The deplorable 8%) might find very attractive.