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Gold/Mining/Energy : Pangea Goldfields T.PGD
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To: Giraffe who wrote (1103)6/30/2000 2:11:18 PM
From: Enigma   of 1178
 
EDIT: See no chance of another bidder since the directors and officer have turned in their shares. The only hope is that they don't get 66 2/3% approval. I notice that one of the recent heavy sellers at $6.85 is Loewen - the principal underwriter in the pp. Why wait for a couple of months for 15 cents? So maybe it isn't arbs who are buying - but Barrick mopping up? EDIT And if it buys much more it will have to file as an insider - it could exercise its $6 warrants later.

Looking at this wohoe deal it sems to me that Pangea got into bed with Barrick last November - which made it hard to get serious interest from other parties. IMO management have failed to maximise shareholder value for this play and this is a disappointment. And the recent $10 million financing is a mystery - and can only be looked on now as a means of goading Barrick into action. I learned a long time ago that in the corporate world a statement is only good for as long as it serves its purpose - and sometime this can be only a matter of days or weeks. A few months ago the company said it had enough money to meet all project requireemnts for 2 years. The rationale for the pp was that the funds were needed for projects and the Tulawaka feasibility study. The games people play??

EDIT: You will have noticed that the PR referred to an 'arms length transaction'. Technically and legally this is so - but the perception is something else. And recent pronouncements seem like window dressing.
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