My take on roughly 37% (it was just an estimate!) originally included Goodman AND the managemet.

In modern corporate matters where most shareholders (including myself) do not vote their shares even 25% IS in effect a controlling interest unless there is a rival organised group.

In order to prevent a rival organised group from forming a platform, from which to launch a successful bid on something you want to sell later for much higher price, you use your influence to make sure its priorities are such that it is kept under the radar a little longer.

Your primary aim is to avoid a rival controlling interest building up that could persuade shareholders like Silverback or deliverator etc (really boys, nothing personal here and no offence meant, I can certainly see your point of view) to part with their shares, forcing you to sell your $30 (according to your own estimates) jewel for $6 to some global shark.

Therefore, if by your own estimate and conviction, you will eventually discover 10 or 20 or 30 million ounces, you chug along dangling a 3 million carrot and put 43-101's and TSX listings on the back burner, put exploration production forward as a priority and one day you say Hey! look at me. i am producing 200.000 ounces a year at $400 cost and I have 10 million reserves. I am looking at producing 500.000 ounces in 2 year's time and I am looking at possible 20 million reserves.

Your share price goes ballistic and you tell any Tom, Dick and Barrick that comes along, that they can take their $6 and shove it and they better start talking some serious dough if they want to buy some serious future gold!

Could write a novel with this,no :-)

That's what I would have done in Goodman's shoes and I am only a piddling little investor and do not own whole funds and broker companies etc. All conjecture of course!