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Gold/Mining/Energy : Inco-Voisey Bay Nickel [ T.N.V]
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To: Kitskid who wrote (785)11/30/1999 12:10:00 PM
From: nickel61  Read Replies (1) of 1615
 
I'll take a shot and then if anyone can fine tune my comment please feel free to do so. The Series E preferreds were issued to allow Inco to retire the prior higher coupon preferreds they had issued to buy their first 25%of Diamnond Fields a year earlier. The NVB shares are participating shares of Inco that recieve dividends determined by several factors tying them to the profitability of the Voisey Bay Company .The Voisey Bay Company is 75% owned by Inco and the remaining 25% is represented by the VBN shares that trade as V.N in Canada and NVB in New York. The N shares are simply the main Inco common stock.Basically all these shares came into being to allow the purchase to be financed without diluting the Inco common anymore than absolutely necessary. The preferred is of little interest except as a long term option and a dividend vehicle,and the play appears to be focused in the VBN shares,but with standard Caveat Emptor of any captive share who is controlled by the mother company. It is worthwhile for us all to become informed shareholders and to actively convey our interests to the two directors who sit on the Inco board to protect our interests as NVB stakeholders. If what Terry says is true and I believe it is we might be holding these shares for a very long time.
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