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Gold/Mining/Energy : t. upton resources

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To: Bob Hack who wrote (13)	11/17/1997 9:57:00 PM
From: Method	Read Replies (1) of 86

The 25MM given to URC works out to about $1.50 a share in cash. It will be interesting to see whatthey are going to do with that cash. With the new production estimated cash flow will go down to about $1.35 a share from $2.00 a share estimated for next year. Assigning a 6X multiple to cashflow URC would be fairly valued at 6*$1.35 + $1.50(cash) = $9.60. The market apparently didn't like the transaction and we have to trust that management felt the assets they kept were worth 25MM (since they paid Shell 50MM originally). Any ideas what URC will do with the cash?

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