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Gold/Mining/Energy : TVX Gold
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To: baystock who wrote (815)3/30/2001 9:56:42 AM
From: russwinter  Read Replies (1) of 905
 
<The market cap including debt would be around $260 million.>

I calculate based on enterprise value rather than market cap and debt. Look over their balance sheet, and you will find (or should, feel free to double check my work) US 46 million in liquid assets (cash) in excess of all current liabilities. Notes are 234-46 liquid assets plus mkt cap @ 88 (32) gives us a 220 million threshold. Also keep in mind that the notes are priced at par, but are trading at 60. TVX has the ability to buy in the open market, and others could actually tender for as much of that as possible at lower prices. How much would be tendered at say 80 is an unknown, but the 234 figure could be dented some. Don't forget about the quivers. This situation is dynamic, not static. The players are not just going to nap for the next nine months. Somebody will step up, it is just too compelling.
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