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Marshall..An interestingh ownership question. My understanding is that of the current 20
million FNET shares outstanding, the ownership is 79% FTEL, 20% F. Peters, and
1% C. Paterson. If we add 10 million shares for a PP at 1.00/share
and and IPO of 8-10 million shares, it would indicate to me that FTEL
would then have an ownership stake of 15.8 million shares or somewhere
between of 39.5% and 41.5% of FNET. FTEL wuld not be a majority
shareholder any longer, but between FTEL and F. Peters's 10% of the diluted shares, there would be a majority.
As FNET is not a 100% owned subsidiary, maybe their revenues would
not show up at all on FTEL assets/books. However, the value of the
FNET assets, the asset value of the company would raise the book value
of FTEL shares y the % of ownership of the stock. But we also know that
the book value may not be fully reflected in the price of the stock, so I can understand your concern, and it is somewhat of an unknown at this point. That is only considering what the value of FNET is to FTEL. FTEL will also have its own book value based on assets and revenues, and be reflected in the stock price also. All IMO. George Kirlin |
