1.I think the spin-off is preparing the company for a sale.

Your shares are not reduced at all. You will own exactly the same percentage of Havilah as you do of St.Elias as there are 80% less shares in Havilah than in St.Elias.

2. I believe there is a good possibility other spin-offs will occur.

3. It may not lengthen the timeline but could give you an indication of how long management expects the process to take.

4. If you sell shares in more than one company it only stands to reason that you will have more than one payout.

IMHO

Bigfoot