>Significantly more than 23.8% of FO shares are held by Instos. The Canadian TSX does not have a proper method of recording holdings outside N.America

Ok then TK, can you at least give us a guesstimate for how many shares the Europian Instos holding?

Although Renova is a private investment company, but they hold 15.3% of Falcon and when you add this to the 23.8% owned by the North Americans, you have a segnificant amount of the company held by the big boys.