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Strategies & Market Trends : Natural Resource Stocks

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To: the Zwei who wrote (20019)	1/13/2005 7:18:50 PM
From: Taikun	Read Replies (1) of 108671

Zwei, I see that OST is recently trading at a premium to theoretical value (COS-OST Pfd=OST.UN) 66-22.10=43.90, closed today at 46.50 This obviously reflects the leverage and upside potential in OST. On RIO-P, firstly I believe the dividend info in Yahoo Finance is incorrect, because on the CVRD website the NR stating dividend amounts is the same. I did, however, have the impression that the Preferred get not only the same dividends as the commons, but also that once the minimum dividends for common, preferred and 'golden' shares (which do not trade as ADRs) are paid, then any additional dividend would go to the preferred. It is for this reason I was surprised to see the preferred trading at a lower price, which may be mainly due to lower liquidity. I don't see RIO-P as 'interest rate sensitive', they are merely common with different voting rights and a bit higher upside in dividend potential in compensation for that. I would buy RIO-P over RIO since I believe it is better value. finance.yahoo.com finance.yahoo.com David

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