interesting valuation

Please tell me if I am crazy. CSE owns 11mil shares of SYR valued today at 20 million. CSE has 106million shares on issue selling on market at 15c giving a market cap of 15.9million. HUH, valued by market at 15 million with shares valued at 20 million. I have been dealing in shares since I was nine and this seems like one of the stupidest things I have seen or am I the only one that can add up on this forum (I might be as nobody has posted for a while)
Cheers
Neptune
My position is buy but I feel that that should have a question mark after it.