so how much of siana and mapawa do we own

Amazingly, i suspect no small shareholder out there knows this.

Pulling information together I've got:

We did own 90% and 80% through our 100% owned Philippine subsidiary Greenstone Resources Corporation. The other 10% and 20%, plus both MPSA titles on the projects, was owned by Merrill Crowe Corporation (controlling shareholder Mr Jerry Angping). The financiers were not happy advancing funds without Red5 having direct ownership of the titles.

So the restructure involved all of the shares of MCC being sold to Red5 Asia and a company called Surigao Investment Holdings Corporation. But we aren't told the split. The split is important, because Red5 Asia is a Red5 subsidiary (so ok), but I suspect the other is not.

Surigao is a Philippine compliant company that apparently now holds an interest in Greenstone Resources Corporation (our previous 100% owned operating company). We aren't told if Red5 owns any of Surigao. I suspect that at best we may own a minority interest.

We know some of the restructuring costs, but not exactly what we end up owning. US$1.8m in cash and 40m Red5 shares were to be issued to the shareholders of MCC for whatever portion we've purchased. We know on 23 April 2010 we issued 28m, making 977m Red5 shares on issue. The remaining 12m shares were awaiting fulfilment of some conditions.

Despite the company saying the restructure is complete, to my knowledge these 12m shares have not been issued. I wonder what that conditions are? Is the failure to complete the factor making the finance expensive?

Imo useless and deliberately vague announcements. The % is never stated and 100% has never been promoted.

This is more annoying than anything, but I just wonder what the game is. I'd be happy if any fellow shareholder can prove me wrong.