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Gold/Mining/Energy : Bema(Bgo) and Arizona Star
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To: John Soileau who wrote (8018)10/28/1997 1:35:00 PM
From: charred  Read Replies (1) of 10482
 
John; As I said early, Bgo will have to dulite their interest significantly. After this deal BGO will hold directly and indirectly a little over 30% interest. With 15 million ounces X 0.30 they have 5 million ounces X 50 = 250 million market cap. Their shares are worth between 4 to 6 dollars only based on the speculation that Placer Dome will place property in prduction. Placer has in the past written down their properties. Mt. Milligan for example. Placer won't make that mistake again so they offer Bema this deal. This deal favors Placer Dome. Bema management probably wanted all cash and not wanted to issue any shares. Placer probably wanted shares or no deal. Now Placer if they don't like t he project they can dump these shares on the market. There was no choice for Bema's management. Placer probably said if they were going to pay then give us shares. All Bema's management did was that they saved their own necks. John who do you think got the better deal and why? I wait for your answer.
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