sp direction, page-20

I should qualify when I said the Turgi stake is irrelevant.
It is highly relevant but just not worth thinking about.

By that I mean whoever holds it has a veto over development but whoever that is is irrelevant to holders in BMN as they will have made a deal, ? own, the stake before any public discussions regarding BMN are disclosed or would need to be disclosed.
But be sure (IMHO) IF someone buys out Turgi's 20% they'll be like RIO on EXT, central to any further development.
Gee I wonder if RCF had noticed this before it got a chance to buy 20-30% of the listed entity by funding the BFS. (I'm joking of course they noticed which makes their play even more bullish)
Yes I would say CJ & to a lesser extent, NMcM have dealt themselves some nice cards, not necessarily from the bottom of the pack mind you, just planned the game well. The more RCF spends of its own money funding studies the more their stake becomes worth as it is not diluted unlike the listed entity. (that's you and me folks)