Noble China (NMO) on TSE. Chinese Brewery Stock Message Board

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Gold/Mining/Energy : Noble China (NMO) on TSE. Chinese Brewery Stock

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To: Ciao who wrote (219)	11/18/1999 9:22:00 PM
From: M. Merriam	Read Replies (1) of 248

Ciao, My opinion is that NMO has options besides walking away from the Northern breweries. If they are modernized, then, in 2003, Pabst Blue Ribbon (PBR) production can be diverted away from existing, non-NMO breweries to these ones. The Chinese company which presently has rights to PBR would love to continue producing it beyond 2003. Maybe NMO will sublicense it some PBR production if it takes an equity stake in the Northern breweries, financing their modernization. NMO then has, in addition to its Noble brewery holding, a significant stake in two other modern, premium beer producing breweries for little or no additional outlay. If Pennal can leverage the PBR rights, the opportunities seem limited only by ones imagination. (I also believe that the market has long ago fully discounted the Northern breweries. And yes, as far as I know, write-offs are non-cash items.) Mike

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