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Gold/Mining/Energy : Flag Resources (FGR.A A)
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To: ali who wrote (1010)3/27/1999 10:19:00 PM
From: Stephen Mooney  Read Replies (1) of 4269
 
The suspense is killing me. In the meanwhile:
Yes Ali, GLB has a good chunk of Flag's holding. They were let in on the cheap in my opinion, and I believe it was due to the enormous cross holdings of the major shareholders. I guess its a done deal and I shouldn't cry over spilt milk, however I feel that it was an out and out giveaway and a disservice to Flag's minority shareholders. Why, after all, should Flag shareholders have to pony up another 100% of their initial outlay to buy GLB shares just to maintain the same percentage ownership as they had previous to the sweetheart deal that GLB got by putting VERY little money into Flag's drilling ops. And as far as I could tell from the latest annual report GLB hasn't even kept up to the paltry level that they were to maintain in order to gain that 50% ownership of certain Flag claims. An input of only $400,000. and they can't even make the payment schedule. Somebody should be shot.
As Ali suggests however, it seems to be a done deal and so if Flag hits it big one may want to buy some GLB also if things start popping. Remember though that GLB's float is much larger and so, obviously, the shares should never trade on a par basis. Don't have the latest outstanding share numbers. Anybody?
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