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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies

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To: EyeDrMike who wrote (6550)	10/19/1998 11:20:00 AM
From: CoffeePot	of 119973

10/19 05:43 GFSA<GLDF.J>shares surge as mkt absorbs unbundling JOHANNESBURG, Oct 19 (Reuters) - The unbundling of Gold Fields of South Africa (GFSA) has created confusion in the market as investors try to re-calculate the real value of the share, mining analysts said on Monday. The share price rocketed over 65 percent or 332 cents up to 840 cents by 0930 GMT as the market reacted to the distribution of GFSA's holdings in Gold Fields Limited <GFLJ.J> and Standard Bank Investment Corporation Ltd (Stanbic)<SBCJ.J> to GFSA shareholders on Friday. "The market is battling to price this share and they are recalculating the balance of GFSA's porfolio," one analyst said. Analysts agreed that despite the morning's surge, the share was still at a discount to the company's net asset value. "At around 800 cents the share is at a discount to fair value...our fair value is around 15 rand a share. There might be a little more upside here," said another analyst. "There is still a fairly diversified portfolio left," he added. GFSA still has Northam Platinum Ltd <NHMJ.J> and Zinc Corp of South Africa Ltd in its stable along with property and cash. GFSA sold off its gold mines earlier this year and has been selling or unbundling its assets that will see the 111-year-old company disappear in two years. The company sold its 48.6 percent stake in O'okiep Copper Co Ltd <OKP.A> to junior South African miner Metorex Proprietary Ltd for 28 million rand on October 5.

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