I like this on CDNO.
Pettycash Stock Picks: Message #63
Date: Aug 23 1999 23:45:13 EDT
From: "Pettycash Stock Picks" <petycash@bellsouth.net>
Subject: CDNO.... The Final Chapter???
Through it's filing of the 8-k and 10Q... The company has for all intense
purposes become a clean shell..
Link to the 8-K
edgar-online.com
Link to the 10Q
edgar-online.com
So lets review what we know....
1) Large accumulation, 23 million shares... Some how conected to a
resticted shareholder....
2) 144's almost immediately filed to announce the intent
to sell... Same investors who just bought 23 million shares
plus the old restricted shareholder are positioning themselves for a
significant increase in the share price..
3) CEO Bagley purchased a million shares on 7/9/99...
4) The Company has become a clean shell ....
Now ask yourself if your company met the following description.
"publicly traded canadian steel company that has revenues in excess of
350 million us$.... They have positive earnings.. Six month (6/30/99) net
income of 5.9 million, six month eps of .50..."
Why would you want to reverse merge into CDNO???
What's in it for the canadians?????
1)Easier access to American steel markets...
2)US publicly traded co, easier & faster to get listing
on the "big" boards....
3)Tax loss carry overs of approx 38 million dollars, estimated
cash value 9.5 million dollars....
4)Access to 200 million dollar loan.... The loan is only accessable
if these two parties join together....
What's in it for CDNO....
1) Stockholders will see significant increase in stockholder value
both short and long term...
2) Top Management will get positions in the new CDNO, Bagley, imo,
will be turned loose to start aquiring more companies....
So in summary, my opinion on todays SEC filings is they are one of the
last steps towards the ultimate finalization of the DEAL.....
Please remember to always do your dd.......
God Bless, Good Luck and as always Good Trading......
PC
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