Hey Tom, that tanker wouldn't be the Exxon Valdez, would it?!
My bet is that ECM will be taken out by Bema via a stock transaction.
Hopefully one for one! Some buyout share price will be proposed, and
our shares of ECM can then be tendered for that value of stock in BGO.
For those who don't want to hold BGO paper, the shares recd can be sold
in the market, or for the impatient, shorted ahead of time. The reasons I
really think Bema will absorb ECM are 1) Clive has little else to do,
2)Bema's web site already has ECM's gold included in their future production
projection, 3)Bema has stated that this is their MO with exploration
subsidiaries, and 4) the reserves will ultimately be valued better inside
a US-listed medium-sized producer than they are inside a cash-free unknown
explo junior on the VSE. All wet maybe, but that's how I look at it.
What we don't know is when, and for how much, but if the tanker lurches into us,
you should be able to jump overboard for cash.
John |
