HARMAC PACIFIC (TSE: HRC) Message Board

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Gold/Mining/Energy : HARMAC PACIFIC (TSE: HRC)

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To: Jay Arkay who wrote (8)	2/3/1998 9:01:00 PM
From: Adrian Thompson	Read Replies (1) of 11

Jay, I believe the debentures are trading below par due to the uncertainty created by the Pope & Talbot takeover. These are subordinated debentures and there is a danger that P & T will load Harmac up with other more senior debt in future. Before the takeover, Harmac had plenty of cash to cover the debenture. With more debt however risks would increase and the price would fall. By the way, I'm no longer a holder of the debt as I don't like the uncertainty that P & T has created. Adrian

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