Royal Oak-RYO Message Board

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Gold/Mining/Energy : Royal Oak-RYO

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To: maintenance who wrote (515)	12/4/1997 6:30:00 PM
From: Madharry	Read Replies (2) of 1706

TO all: I spoke to Graham Eagen(?) of investor relations who graciously returned my call. RYO is in his words in the final stages of negotiating the sale of some (senior notes?) with Bankers Trust as Agent. Nothing finalized as yet, and the price may reflect the uncertainty of the market regarding whether Kenness can be completed. After I got off the phone it occurred to me that if these notes have some convertability feature then its a no risk situation for someone buying the notes to short the stock. If the financing falls through the stock tumbles and it's a win. If convertible financing is arranged you convert at a lower share price, and you are hedged with a profit going in! . On the plus side once the financing is arranged, the stock will rebound, so lets keep our finger crossed that it's straight debt and not convertible. BTW i don't know how the book values are calculated but i think if Kenness doesn't work out we can all kiss this investment? goodby.

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