SK, I believe the reason why they are forming a new subsidiary...

SK, I believe the reason why they are forming a new subsidiary is to isolate IQE from GLE , i.e. if a takeover of the Silex/GLE subsidiary took place it would only be for GLE, not the whole shooting match.

As for my Question 2, when you said "They will get to vote as any shareholder would get to vote. I would be embarrassed to ask this sorry M."

Er no they wont! sorry SK but it is stated in the term sheet.

see here-:
http://www.nrc.gov/docs/ML1615/ML16159A033.pdf

see where it says In conjunction with this SF-328 update, GLE also submits the enclosed amendment to the Owners, Officers, Directors, and Executive Personnel (OODEPs) listing. GLE submitted the nineteenth amendment back on November 20, 2015 (Reference).
The GE Parties' OODEPs have not chahged. The GLE OODEP listing is being changed to
reflect the proposed Board Observer (non-voting) status for Silex.

This was also in the same document to the NRC regarding the new subsidiary-:

whereby a Silex subsidiary may purchase the equity interests of the GE Parties.

That is they are paying for them with something, seeing as how Cameco stumped up around US$140 million for 24% what price would 51% attract? US$ 500 million maybe more now, the technology is a lot more mature now, do you really think GE would be giving it away? that is totally illogical.

GLE will keep you informed as Silex's plans develop and provide further information before any transaction is implemented.