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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: kingfisher who wrote (747)2/27/2001 9:13:25 PM
From: Lorne Larson  Read Replies (2) of 11633
 
Bought some CYZ.A today at $12.20. I'll get $14.00 for about a 10% portion of what I bought based on PWI's offer to pay $14.00/share up to a maximum of $60,000,000. The rest will be converted to PWI at a 1.45 ratio, which translates into a price of $8.41 for each PWI unit. Factoring in the 10% buy-out at $14.00, I calculate I'm effectively paying about $8.30/unit. Only downside is that they may not close this deal fast enough for the CYZ shareholders who tender to qualify for the April PWI .20 dividend.

I'm thinking that aside from a bit of general weakness in the oil and gas trusts right now, the main reason for the amazing drop in the PWI price is that there are a lot of CYZ shareholders who are selling - these folks don't want to own an oil and gas trust. They want to move on to the next junior/intermediate E&D play. By my calculations about 60% of the total CYZ float has already traded! This selling should come to an end very soon - I would hope.

What am I missing here? Anyone think PWI is not a buy at $8.30? That's about a 29% return at the present .20/month dividend. Would appreciate any comments. I'm seriously thinking of dumping some of my other oil and gas trusts and buying some more CYZ.
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