Hi Gold Tutor,
Sorry I did not get your message until recently.
There is a special meeting for Sasamat on November 20th in Vancouver. Too far for me to go. I just got the shareholders proxy. There is a lot of crap with a lot of changes to the By-Laws. Frankly, I did not have much time to read but as of Sept 21, 2005, Sasamat had 7,833,788 shares o/s.
As of Dec. 31, 2004, Sasamat had:
Cash - $2,256,624
A/R - $155,366 from MFC
MFC holds about 50.5% of Sasamat (directly or indirectly)
On Aug 9, 2005 Sasamat entered into a loan agreement with MFC regarding MFC-industrial holdings in a investment and a cost and revenue sharing program. For this MCF gave a 5M euro loan to Sasamat which can be converted into Sasamat common shares based on Sasamat's book value or market price on the conversion date (Maturity of the loan is 31st July, 2007.
(Please check the proxy to be certain. my interpretations may be way off).
The principal assets of Cologne based MFC Industrial are two German companies. First is an Industrial Estate property development company and the other is an supplier of equipment and engineering services in the fields of cement, coal and minerals processing. (Hot fields these days !!)
Also noted by you, Sasamat trades on the pink sheets:
SSALF.PK
As per a fairness opinion by Stephen Semeniuk, CFA, as at June 30, 2005, Sasamat's book value was $3.96/sh cdn. The stock closed today at $2.60 US.
Not much more in the proxy report.
Take care my friend,
Lalit Jain |
