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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: jim_p who wrote (23959)	6/18/2003 7:05:38 PM
From: Webster Groves	Read Replies (1) of 206326

PGO - I've checked out some numbers and this looks like a good deal. The value of the deal is not the 4% retained ownership for existing shareholders, but rather the value of the rights to buy new shares (value exists whether you choose to buy or not). A 30% share of the new company will be sold for 85 MM. This is the real bargain. Moe knows it full well and has underwritten the new sale. I get a value of roughly 0.25-.50 for the 4% and .75-1.00 for the right, for a total of 1.00-1.50 value short term. On top of this, retail shorts will need to replace borrowed shares that will be cancelled. Lets' see if PGO closes over 1.0 tomorrow. -wg

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