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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: russet who wrote (4320)8/13/1999 4:13:00 PM
From: Shaw  Read Replies (1) of 7235
 
Hi Russet,

I don't think you'll find anyone on the thread that would dispute the fundamentals of SUF or mgmts. increasing of shareholder value through the "mining" stuff (ie the bread and butter). Administratively, however, IMO SUF has been atrocious.

I remember:
1) Listening in on a conference call where analysts were asking questions about Marsfontein and the heirs. They were very concerned about it/them. What was the response from SUF?? "Don't worry, everything is fine. There will be no problem.... next question please".
2) Another call where people were baffled about why the earnings were so low and management responded "becasue of taxes". The tax problem in RSA was never mentioned to shareholders and analysts before. Their (and my) projections for EPS were based on no such "tax problem". That killed a lot of analyst expectation.
3) The empty "PR" promises we seem to hear at every AGM and then the silence and lack of results later.

Credibilty begins to be lost with these type of gaffes and lack of the "saying what you are gonna do, then doing it" attitude that so many people like. When you lose that credibility it is very hard to get it back. Esp w/ analysts etc.

All MO and pretty much why I've never really disagreed with people that have hammered this stock in the recent past. I'll own it on fundamentals, but some people want (and deserve?) more than that.

Regards,
Dean
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