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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: terryswift who wrote (1148)7/6/2000 7:31:45 AM
From: timbouctou  Read Replies (2) of 1178
 
Barrick is doing a fine job at protecting its interest. Why would they pay more if PGD's management is willing to give at this price? If they considered it a fair price now. BTW I know that $7 was not considered a fair price by at least one PGD official a few weeks back, and furthermore that higher price was considered a starter price for a bidding process.

If there is no counter bid (I still think there will be) this will be a show of very poor judgement by PGD and a demonstration of poor management. The only thing the had to do was to continue and expand their drilling program: reserves would have followed and Barrick would have had to publish the result of its feasibility study on Sept 14 or make a "non friendly" attempt at a take over, or a friendly one at a higher price. It does not take a genius to understand that this would have been in the best interest of shareholders. If there is no counterbid, this will definitely smell hankypanky!
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