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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: timbouctou who wrote (524)11/21/1999 8:42:00 PM
From: Terry Swift  Read Replies (1) of 1178
 
tb:

As I stated in a previous post, I believe there has to be something else going on here. This private placement made absolutely no sense from PGD's perspective. On the face of it, it was not a good deal for us shareholders.

PGD's management has always been first rate and up-front about their intentions. I find the kind of back room deals you're speculating on very remote; however, I have no logical reason why PGD would do this deal with Barrick. Judging from the action of the stock price, traders decided to jump in on the takeover possibilities and when nothing happened, jumped back out. PGD better come up with some outstanding drill results because it appears this company will now only be bought as a takeover candidate, not for its long-term potential. Too bad. I think they have hurt the stock price in the near term. Ultimately, real numbers based on drill results should determine the value of the company; however, I fear that process will be short circuited by a takeover, and PGD appears to be unilaterally disarming in that regard.

If PGD ends up with a huge bullseye on their forehead, they have given Barrick a huge advantage in the takeover/valuation war. That is never a good decision. I consider Barrick more of a predator than a fair-minded JV partner.

Terry
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