Gendis TSE:GDS.A Message Board

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Gold/Mining/Energy : Gendis TSE:GDS.A

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To: BioInv who wrote (76)	7/14/2000 10:57:04 AM
From: SAM-DAN	Read Replies (1) of 81

We have been remiss in not posting re GDS.Yesterday they received a cheque for 47.7 million dollars in settlement of the Tundra sale. Press reports are that they paid their debt to Bank of Nova Scotia and are now debt free.We will check if this is true as at one time they owed Trilon but perhaps the Scotia loan had replaced Trilon. Apparently the buyer of SAAN is still doing DD which is supposed to be completed by the end of August. We would think that if a sale was to be done it would be completed before the start of the Xmas sale period as that is their major sales period and a buyer would want the benefit of that revenue. Doesn't leave too much more than the sale of remaining real estate to complete disposal of assets. We still feel the best course of action for GDS would then be to distribute the monies and shares of Fort Chicago to shareholders and wind up Gendis. We continue to estimate that the value to shareholders would be in excess of $12.00 per share [partly due to anticipated increase in Frt Chicago share price as they were scheduled to be on stream by end of October and we have not seen any news that that schedule has been delayed.]

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