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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer
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To: Eva who wrote (374)12/21/1999 12:21:00 AM
From: Claude Cormier  Read Replies (3) of 976
 
Eva,

What I am saying is that PDL has a great palladium deposit. However it also have a poor balance sheet. They owe more than $120 millions to their parent company in long term notes. I think there are also 10M shares prefered that may be convertable in common shares...unless of course the preferred were converted into the notes at some point..that I am not sure.

What will the parent company Francis Oil (sp?) do with this debt... will it convert into shares or what ? Don't know... All we can say is that when evaluating PDL stock, we must remember the liability side.
EIther there will be dillution as the parent company comverts its debt into share... or you will have to lower the NAV of the Lac Des Iles deposit to take into account this debt.

CC
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