Ron - Nesbitt seems to be a major driver of this stock recently. They're in for a net 595,828 shares since the start of last week at an average of 2.44. That includes 120,500 shares today at an avg of 2.98. I wonder if we may be seeing some funds taking positions. Or better yet, maybe it is Pursuit themselves, taking shares off the table now in anticipation of higher prices ahead. If so, these shares will not be finding their way back onto the market. From the Sept 4 news release:
>>It is Pursuit's present intention to purchase up to 1,426,000 common shares, being less than 5% of Pursuit's issued and outstanding shares. Any shares acquired by Pursuit will be cancelled. Pursuit may commence the acquisition of common shares on September 4 1997 and such purchases shall terminate on September 3 1998.<<
Also, from August of 1996:
>>The company intends to purchase at market prices up to 1,000,000 common shares, being 4.3% of its issued and outstanding shares, from September 4 1996 to September 3 1997. All common shares acquired by the company will be cancelled. From April 13 1995 to April 12 1996, the company has purchased, pursuant to a normal course issuer bid, 307,300 of its shares at an average price of $3.75 per share. Subsequent to April 12 1996 to date, the company purchased 83,600 of its shares which were purchased during the months of June and July at an average price of $4.58, which purchases were made in error after the expiry of its normal course issuer bid and, consequently, in violation of the Securities Act, Ontario.<<
I think this may serve to give us some indication of what the company feels its properties are worth. I've been unable to access the internet during the evenings, so I'll be signing off.
best regards - Tom |
