South African Gold Companies Message Board

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Gold/Mining/Energy : South African Gold Companies

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To: Wade who wrote (12)	10/10/1997 1:57:00 PM
From: Christopher White	of 17

Wade My understanding of the announcement was that the black controlled investment group NAIL through the acquisition of a holding company called Asteroid (which controls 40% of GLDFY shares through another holding company) was taking control of GLDFY. Since GLDFY was trading at a 25% discount to book value, NAIL plans to sell assets (for example ANGLY wants DRFNY since its mines are contiguous to the mines of WDEPY, which is managed by ANGLY) to realize greater shareholder value. By this means, NAIL would get GLDFY's interest in KLOFY for free. Christopher

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