TS TELECOM (www.tstelecom.com): ASPIRING TELECO Message Board

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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO

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To: Ciao who wrote (1588)	9/10/2000 3:02:18 PM
From: M. Merriam	Read Replies (1) of 1762

Ciao, Just read your following comment from a few days ago: P. 20 or AR shows net proceeds to TS TELECOM of 12.9 Million from issuance of TST TECH common shares. So IMHO, they did receive some cash from floating TST TECH. Depends on what you mean by this. This money, IMO, is in a TST Tech account, not a TOM account. The accounts as presented in the annual report are consolidated (Note 2) as if TOM, TST Tech and its subsidiaries were one company, so superficially, the report makes it appear like this money is being held directly by TOM. One of the reasons why holding companies traditionally trade at discounts is because of the difficulty in understanding intercompany relationships. For example, just by looking at this report, there's no certain way to tell how much of the cash is held in Canada, the Virgin Islands, Hong Kong or mainland China. Mike

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