Courtesy of Halcrow over on SW.
Author: halcrow -- Date:2000-05-16 16:29:27
Subject: AGM NEWS
Sophie was stunning in her presentation outfit. The new hemlines flatter
her.
There was a little less hair on a bit more Mike; however, all directors
present (Morris and Lucas were missing) did seem to bear up well under
the burden of affluence.
There were seats for 96 and almost all were filled..almost all suited, so I
presume the brokerage community was well represented. Most seemed
to seat themselves in pre-known groups. Glasses of liquid refreshment
and finger foods were offered; fearing Finski's presence, I abstained.
Stones from pit 4 were displayed - no one was stricken blind or rendered
speechless. To the non-initiated, much like viewing aquarium rocks,
without the distraction of the fish.
Everything was passed..options, name change, extra 45 million shares, the
whole nine yards.Voting figures were given for the options..9.5 million
shares for, 2.32 million shares against (6.44 million interested-party votes
were taken out of the equation but still passed by majority of voters).
I suspect that the total of all votes would be 11.82 million. Apathy and
ennui prevailed again as, by removing interested-party votes, only 5.39
non-interested votes were cast. Especially galling when you consider
that it was officially announced from the podium that 11 million
shares are now held by institutions.
There were five shareholders present, representing 475,000 shares and
11.675 million proxy votes were cast.
The production timetable predicts all samples to be taken by August, with
results released by November. This was reiterated several times, so they
feel confident that this will happen.The bulk sample results will be input
into the data already completed and the bankable feasability plan will by
ready by the end of 2000.
WSP has $12-million in the bank. Since the April court decision, they
have invoiced ABZ for its 32% of all costs. ABZ has not paid in full all
invoices.
In answer to a question from the floor "ABZ lawsuit..we are appealing..no
comment.. legal fees to date are between $25,000 to $30,000." And if
this sounds terse, it was.
By June, WSP will apply for land and water permits to allow
construction. It is expected that this will be a 12-to-15-month process
that will culminate in the issuance of permits in the fall of 2001, leading
into a construction programme with the mine in production by 2002.
Three people have been added to the environmental and community
relations team. Presentations and visits to 47 aboriginal communities have
been very well received. WSP's footprint will involve 200 hectares as
compared to BHP's 2,000 hectares and Diamet's 1,250 hectares.Local
communities approve of the u/g 3,000 tonne-per-day plan and, even
though investors would like to see a ramp up, WSP seems committed to
keeping it at 3,000.
Three drills will be running until the end of May..only 2 holes have missed
kimberlite. It was confidently stated that there will be a 20-year mine
life..with the 18.8 meter intersect not being mined for 10 to 15 years.
the financial manager is forecasting a 60/40 to 70/30 debt and equity
financing. WSP is presently looking internationally in the USA and Europe
(insurance companies floated as an example) and control-of-source a la
Tiffany was mentioned.
The big push for financing will come next year and confidence was
exuded (which is why they were there).
While WSP does not have its permits, the 12-to-15-month time table is
reasonable and, with not too much to construct, WSP could and should
be the 2nd diamond mine in Canada.
Languishing share prices were touched upon and RT stated, correctly,
that a lot of money has left the market lately (leaving lots of debt to the
unfortunate), and until that money comes back, it will be hard to get
resource stocks up.
Brgds |
