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Gold/Mining/Energy : CDN. MOMO PUPPIES

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To: SwampDogg who wrote (9636)	9/29/1999 12:55:00 PM
From: Shaw	Read Replies (3) of 36688

Makes sense??? Not to me, yet. Maybe you can help. At a share price of 7 cents and a market cap of 6 million US, VEN: Had $200M(US) worth of stock ($2.10CDN/share); had $100M(US) of debt ($1.05CDN/share) and a 20% interest in a producing gold mine, with 4+ years of production (2.4M ozs.) hedged at 339US/ounce. By my calcs that leaves a value of $1.05CDN/share and a market cap of 150 million (with no X multiple). It was trading at 7 cents, with a market cap of 10 mill!?!?!? I would work it with todays numbers, but I dont think I have to, to realize that there is more to the story. If the above is true and if no one can dispute those numbers from the various PR's, every value portfolio manager would have been all over this company. No company with a book value of 1.05/share would be allowed to trade at 7 cents, in even an imperfect market. That's 15X below book, for goodness sake! According to the current price (if the above #'s are true), it should still be LBO'd. You'd be left with a shell company with exploration properties and 100 mill in the bank. All purchased for zippo CDN dollars. Help please??? Dean

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