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Gold/Mining/Energy : Indo-Pacific Energy Ltd. (INDX)
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To: Alex Guidi who wrote (262)8/2/1997 12:04:00 AM
From: John Sanz   of 866
 
As a shareholder of INDX and DURUM, I am quite concerned about the great diference in market value for these two companies. INDX has a current market value of around 200 million canadian dollars, while Durum only has a 3 million market value. Durum has some hard assets (producing gas wells mainly)and is basically trading at book value now, while INDX is trading MANY, MANY times its book value. For sure, the assets of INDX are not 65 times those of DURUM. Is INDX way overvalued now or is Durum very undervalued? Maybe both?

Unfortunately, we cannot separate completely these two companies. It will be foolish for any shareholder to think so. If there is something fishy with DURUM, there is no reason to trust INDX, since they are run by the SAME group.

Mr. Guidi, you are the main shareholder on both of these companies and International Resource Management Group (IRM) controls both of them. If you are "not allowed" by the VSE to interfere with Durum management for now, at least somebody else from IRM should be in a position to post information on DURUM on this thread. I would like to know what you think of this situation. Currently, some people may think that DURUM is going belly up? Is this a temporary set-back? Is the company solid enough to continue operations and come back to a reasonable level (2-3$/share)or is it going to be phased out?

Any information on why this situation is occurring and where DURUM is going will be very much appreciated.
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