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Gold/Mining/Energy : Anadime (C.AEM)
AEM 191.19+2.5%Jan 9 3:59 PM EST

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To: The Vet who wrote (25)5/2/1997 11:57:00 PM
From: Richard Saunders   of 54
 
The Vet:/ "was told by a broker"....... if you can find out a general location I'd be interested. The company is committed in having 10 locations up and running by the end of Dec'98 and to date they've been delivering on what they've been saying. The one thing that I don't personally like (do hold a position though) is the over 51mil shares on a fully diluted basis. Purely my speculation................. the company is supposedly committed to one day be trading on the Toronto exchange. If this happens I wouldn't be surprised if there's some sort of rollback to reduce total number of shares. Often rollbacks result in price slippage......... file that away for possible future action. The other thing to keep an eye on (in my opinion) is operating margins - for the 8 month period ended Dec.'96 the operating margin was just over 30%. A competitor in the waste magmt field is Cdn. Crude (CCR-ase) and I notice their operatiing margin for the same period is just under 35%. Also recognize that CCR is slightly different because the have both site reclamation and oilfield servicing divisions in their company besides waste mgmt. I do agree that AEM has had great growth and have enjoyed the ride to date although have lightened up this past winter.
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