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Gold/Mining/Energy : Canadian Microcaps

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To: Gulo who wrote (49)	4/7/2003 8:43:54 PM
From: Ciao	of 817

Gulo; WRT TIM's tender offer, I got a reply from legal counsel for Safeguard and Becanour, Essentially, shareholders will be guaranteed at least an acceptance of about 1/6 th of the shares. TIL will tender additional shares on a pro rata basis if all other shareholders do not tender all their shares. I think the pluses here for the company look pretty good; 1) 3rd party taking an investment of $11M at a significant premium to market price 2) weak hands will be flushed out 3) financial stability for the company after a turnaround year If things follow the same pattern as they did for CTY and FMO.UN, then TIM should do well. TIM expects to meet at least similar earnings as last year, and taking account the dilution, they should pull in about .25 EPS. So you can see why Becanour is interested in TIM to such an extent as to take up 10M shares at $1.10. Ciao

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