Thanks, WW. Did not get that 2008 FT PP (1 500 000 shares). So in 2008, there would be 56 421 962 shares outstanding allocated as follows:

Fancamp: 27,460,981;

Sheridan: 27,460,981;

FT investors: 1 500 000;

(Can't find trace of public disclosure about this 1.5 MM shares PP... Note that MMI is a private company in which Fancamp has a minority position, so disclosure rules are not as rigid as for Fancamp itself, including for insiders' movements. I suppose that this issuance has been made to PS- MDQ - FK, probably in equal parts, but I can't confirm that except that they are all named as shareholders of MMI on the Quebec Public Register (MIRE))

TOTAL as of beginning of 2008: 56 421 962

Then, as you said, there has probably been a 2:1 split, so to have the following allocation just before the recent 10 000 000 private offering:

Fancamp: 54,921,962 (48,7 %)

Sheridan: 54,921,962; (48,7 %)

FT investors (PS - MDQ - FK ?): 3 000 000; (2,6 %)

TOTAL : 112 843 924

Now it makes more sense.

What mislead me about the timing of the rollovers, is that the public registers indicate (even this morning) that the only shareholders of MMI are PS - MDQ - FK, and that this information has not been changed recently, even in the course of the recent declaration produced on April 20, 2011, indicating that Robert N. Granger and Patrick J. Sheridan had been appointed as directors of MMI (starting April 4th, 2011). This may results from an inadvertant omission...

I tried to find an email adress to Fancamp or IR so that I can have these numbers and infos confirmed, but I can't find any! Does anybody have one?

GLTA.

BaBe.