Winspear Resources Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Winspear Resources

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tim Rogers who wrote (26267)	7/21/2000 1:54:51 PM
From: .Trev	of 26850

Wow that's tough for anyone. So the date was the 3 rd Sept anyway. The big thing that most posters on most threads didn't seem to understand was that the contract between WSP and the named Trust company was signed in 1997 and that everything flowed close to automatically from that moment. There are some open options of procedure but not really very much flexibility. Any t/o bid can be ctegorized in several ways. A permitted bid is one that has been discussed and arranged with WSP and is therefore pre approved so to speak and does not invoke the PP. DeB doesn't qualify. A flip In also doesn't meet the bill. A simple hostile bid triggers the gun, and this is where DeB fits except that it now appears that their bid may not even be legally acceptable. If the court rules that it is legally allowable (and I don't see how it can be really) then the next key definition is the "Separation Date".. Both the Target company's response time and the separation date were defined as 10 days after the mailing of the formal t/o bid, which was on July 6, as we all know. so the original response and separation were set for July 17. The respose was made by the Director's Circular dated actually JUly 16, BUT the separation date was postponed to July 21 and has now been delayed again by the BOD to july 27. The day before DeB bid expires, unless extended or discarded by the court. The separation date is defined as the day on which the newly created rights attributable to each shareholder become separable from the Share certificates that they start out belonging to.After the separation Date the rights will trade as independent securities. Each share that everone owns will get one right. Because all this had to be set up three years ago a price had to be arbitrarily picked and the figure of $30.00 was chosen. To provide a measure of reality this somehow had to then be related to Market Value. The formula seems to be first double the $30. then divide by the market value on some yet to be defined date. Let's assume a market of $3.oo so the division would be 60 /3 = 20 so each right would then give you the right to buy 20 more shares at half the market price namely $1.50 That's as close as I can come and the ramifications are enormous and marching steadily ahead. I give no guarantees as to accuracy of interpretation as I am no more legalistically inclined than the rest of you. I just read. If anybody has any questions please consult your legal or security advisor, or the company. One further word... watch carefully for reports on the status of the DeBeers bid legally acceptable or otherwise, and watch carefully for reports on further change s in the separation date. Cheers, hope that helps a bit. Trev

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next