Sorry for the delay on the peer issue.
According to dictionary.com , a peer is:
peer n 1: a person who is of equal standing with another in a group [syn: equal, match, compeer]
peer \Peer\, n. [OE. per, OF. per, F. pair, fr. L. par equal. Cf. Apparel, Pair, Par, n., Umpire.] 1. One of the same rank, quality, endowments, character, etc.; an equal; a match; a mate.
peer n. 1->A person who has equal standing with another or others, as in rank, class, or age: children who are easily influenced by their peers.
By that definition, I see the peers of ACA to be other companies that share the same quest, to find diamonds, perhaps limited to the Otish region.
I was thinking of peers in terms of compaines sharing the quest to find diamonds in Canada. You can define the scope. I wasn't thinking of a financing angle, i.e. who will carry the burden of debt, etc.
Back to your questions:
I'm getting at "peers". Ashtons peers are Rio Tinto, Kennecott, Debeers, BHP. All the "other" companies need one of these to do the mining.
I do not cosider MAJ,MEO or any of the others, "Peers"
So, in answer to your question if Ashton is overvalued comapred to DeBeers, Kennecott, Rio Tinto, BHP; I don't think so. At least, not yet.
Do you really consider Ashton Canada a peer of Rio Tinto, Kennecott, Debeers, BHP? A quick look at their corporate missions and income statement would make me consider them in different peer groups.
At Ashton canadas web site ashton.ca it says "As a public company, Ashton finances its operations through the equity markets. The most recent financing is a $2.6 million flow-through and non flow-through private placement which closed in August 2001. Other recent financings include a flow-through private placement in December 2000 for $0.94 million and a Rights Offering in June 2000, for $5.7 million (see News Release). Ashton also closed an initial public offering in October 1993 for $30.0 million; a Rights Offering in September 1997 for $15.4 million; and a private placement in December 1999 for $1.3 million."
Its its own seperate company. No financial support from big Ashton, just like many others in the exploration of diamonds business.
I hope this clears up what my intent was. |
