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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Geneat who wrote (256)9/2/1997 8:15:00 PM
From: Timelord   of 2742
 
One more query, if you don't mind: IYO do Lundins have the financial ability to take over Arakis?

Without any hesitation, yes. It is an extremely wealthy family. I think when the question arose earlier this year, we counted around 10 O & G and metals and minerals co's trading on the Canadian exchanges. I think the key question is do they want to. There is a shareholders rights plan in effect at Arakis that is designed to make such an attempt expensive. I don't know the details of it, but I'm sure it does what it intends to. The Lundins like to buy undervalued companies at a bargain and unlock their value. In the case of Arakis, we know they would have a costly battle just to purchase the company, certainly a hostile takeover, then the prospect of several years of significant Capex costs to realize the value of Arakis. It doesn't have the makings of a good business deal.

Do Lundins have any record of making money for shareholders other than themselves?

I cant speak for anyone else, but this shareholder has an excellent return to date (even with a $6K loss in '93 covered), and I expect more to come. The stock just hasn't been able to fire up any interest yet since the dry well in Libya and the sale of the Oman asset earlier this year, but I know its a matter of time before that changes.

If you look at Tomas's profile, you can scan his posts. They are the most informative on this site, and you can avoid all of the BS in the middle. (Unless you're up for a laugh or two of course). <g>

Alex
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