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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU
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To: Lamont who wrote (3310)5/26/1998 5:33:00 PM
From: ossie  Read Replies (2) of 4718
 
Pardon my intrusion into your question to Wayne,but your question is very valid.

Yes,the operatorship on a property is usually worth a premium.I agree with you that the Ojalali isn't worth much at this point(although some day may well be),Lady lina is a write-off at these gold prices,and Rappa should bring in some cash plus value in other shares(assuming John's theories are correct)

I believe you conclusions are correct.ANZ is way undervalued compared to AGC!!!

In fact,if you factor in the cash in the bank that each co.has,plus cash which would come into the coffers of each co if as and when options are exercised to reach the fully diluted share issues you quote,then things are even more out of whack!!!By the way,at present option exercise prices I doubt either co would get many exercised,so one should probably more realistically use actual shares issued as opposed to fully diluted #'s

This in fact brings up an issue with regard to the upcoming ANZ annual meeting.A proxy statement should be coming to shareholders with the Annual Report and i wouldn't be surprised if ANZ management put forth a proposal to reduce the exercise price on their existing outstanding options to levels close to what the share price is now.I believe that this effort should be resisted should it occur,and it will be up to shareholders to put up a fight via proxy or at the meeting.

Something to think about.

Ossie
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