Denisbe you make all good points.

In the initial news release in 2012 restrictions are listed below, but,  I don't know if these are the only restrictions for the transfer of shares.

 When I look at this clause below, 

"Champion and Fancamp will each be entitled to nominate two persons to the Board of Directors of the other so long as Champion holds at least 12,000,000 shares of Fancamp and Fancamp holds at least 10,000,000 shares of Champion"

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I see 2 former non executive directors from Champion listed on the Fancamp board Paul Ankcorn, Mark Billings

Ashwath mehra, is a director at Fancamp, and used to be a non executive director at Champion Iron Ore Mines.

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When I look at the Champion board of directors and non executive directors...I see no one from Fancamp or formerly from Fancamp.

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If holding on to each others shares was a priority then there would be board members appointed from each others company. But, this is not the case for either company.

With the ROF becoming closer those 22 million FNC shares look very attractive and especially since they represent 14.4% of Fancamp. They are quite a foothold into Fancamp for someone.

The 10.2 million shares of Champion representing approx 2.4% of Champion are also very attractive to suitors.

Champion paid 30 cents per share for Fancamp (22 million x .30=6.6 million). Currently, these shares are worth a very very undervalued 22 million x .09=1.98 million.

I can't imagine Champion wanting to sell these Fancamp shares for a cheap price.

Imagine you holding (14.4%) of Fancamp, 22 million shares that you paid 30 cents for.  What would you be asking to part with these shares? Definitely nowhere near the current share price.