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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: kingfisher who wrote (756)	2/28/2001 11:41:24 AM
From: Lorne Larson	Read Replies (1) of 11633

Regarding CYZ I think you're right - I doubt the price will drop much more at this point. Announcement this morning that SHN has made an offer to take out Ionic. Interesting to compare the price paid by SHN (per flowing BOE and per reserves) to the price paid by PWI for Cypress. Looks like PWI paid more, but Cypress has a much lower operating cost structure. Price paid on a cash-flow basis looks pretty similar. The same arbitrage game is happening with the SHN/Ionic shares - price of SHN immediately dropped about .60. What is interesting is that SHN goes ex-dividend in March on its 1st Q distribution, which should be around $1.00 again. The Ionic shareholders will not participate in this one according to the press release. Will have to see if there are any plays on this. Regards

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