trf to ife prices, page-5

The IFE thing I want to get something clear.

TRF owns 50% of IFE shares right?

TRF has 20% free carry stake in IFE tenements? is that right or am i getting confused.

So if the above is true then IFE contribution to TRF share price should be = 1/2 market cap due to share holding + 1/4 market due to free carry.
Hence TRF should have 3/4 of the market cap of IFE if it own nothing else, had no gold credits of the IFE project nor shares in rol.
Am i wrong?

On todays close IFE was worth 51 million 3/4 of that is 38.25 million. TRF closed at 42.3 million
Hence 3.95 million of TRF value is left for ROL shares (todays value at 10.44 million) and any Gold credits from the IFE tenements and its own tenements.

Of course I could have totally misunderstood the situation.