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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Elizabeth Andrews who wrote (5820)3/16/2000 7:13:00 AM
From: Confluence   of 7235
 
Hello Elizabeth,

Thanks for your thoughtful response.

I think the main thing keeping SUF from being the target of shorts is the relative illiquidity. That being said, traders looking to be short look for weak sisters with overhanging selling pressure, and no big news looming. That is precisely what SUF is right now, and the situation would be worse except for the welcomed "cleaning up" of stock by the folks on the buy side of the crosses.

I think the new Pres is trying to remove the thumb that CJ allowed to be stuck up SUF's you know where; at least I hope that he will take corrective measures to put a new face on the company. Some, or much restructuring will be necessary, and who knows how best to re-capitalize the company with regard Messina and its many exploration plays, excluding the obvious huge accounting question surrounding Camaf*&%-up.

You speak of more dilution as though you've heard something in this vein (pun intended). Please provide details as to what your expectations are.

Regards,

Confluence

PS One other avenue for project financing may be open. Many companies who engage in business with the South African guv'mint are required to invest a percentage of the deal in RSA. Perhaps, by including a black empowerment group in Messina ownership, some attractive project financing could be garnered. I've thought that this may be the reason that this was not announced with the main Messina announcement, because it was my understanding that the acquisition financing thru RMB (where SUF shareholders got diluted and screwed by mgmt) was done as a condition of the project financing.
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