I am also waiting for the new CEO to put his progressive stamp on the direction FNC is going, but it would still require the Chairman's approval (who seems to have a good margin in his control of FNC BoD).

Just to follow up with Lethal's train of thought, another way to look at the whole situation FNC, CHM and RGX would be the potential a TO of FNC (on the cheap) by either CHM or RGX.

Facts:

- FNC Cap: $15M

- Cash: a few $M

- 9M RGX: 9 x 1.32 (as of 21 Nov) = $11.8M

- FNC has 15M of CHM x 0.52 = $7.8M

- CHM has ~17% of FNC

The math:

If we work through the math, the cost of a TO of FNC by either CHM or RGX would not be more than a few $M, say less than $5M, which is practically chickenfeed for the entire FNC lock, stock and barrel.

Not sure if the agreement between CHM and FNC would impose any restrictions with respect to TO, but for RGX or some other entity there appear to be no constraints.

Frankly, I don't like this TO scenario, but it's something that we would need to consider and worry about?

goldhunter