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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO

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To: M. Merriam who wrote (883)11/19/1999 12:05:00 AM
From: geoff-t  Read Replies (2) of 1762
 
Thank you for your comments.

(1) I cannot explain why TOM's subsidiary was not on the list of approved companies. My understanding is that the first listing is to take place on November 19 and a second on November 24. TS is one of four second-batch listing companies. I guess time will tell.

(2)&(3) Yes, I cannot agree with you more as to your valuation of Can$2.28/share for TOM's 70% interest in its subsidiary. However, my valuation of Can$3.25 is inclusive of the HK$97 million in the sub's kitty which in fact is at the disposal of TOM. Having said this, I must add I have been wrong many times before and why would this be any exception.

I will try to do more DD in the next couple of days and share my findings with you all.

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