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Gold/Mining/Energy : Safe Environment (SFU.AL) - was Roper Resources
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To: JIM FINDLATER who wrote (186)6/2/1998 2:49:00 PM
From: Jim Bishop  Read Replies (4) of 635
 
Update, after speaking with Richard Watson and J.D. at Roper, and Tim Daly at the ASE.

1. Halt was called by ASE pending news, but that is not the real reason. Real reason is that this deal with SEE has been pending for some time. As RRN is a mining company and this deal will completely change the focus of the company it would have to go through some sort of RTO (reverse take over) process with the ASE. What all that would entail I am not totally clear on.

2. Both Roper and ASE agree that a complete disclosure statement must be filed. Personally I would think that a well run company would see this coming and have the statement ready ahead of time so as not to halt the trading. Perhaps from past experiences they thought they could slip it through with no problems or halts. If so it didn't work.

I am told that shareholder approval is not required for a take over of SEE, and also that no company bylaws have to be amended.

3. News release - company says check back Friday. ASE says don't expect the stock to trade for at least a couple of weeks as once the disclosure is filed it has to go through the whole RTO process.

4. Company says that the Canadian distribution rights are agreed upon and that the SEE deal is pretty much put to bed.

Next? We wait and see.

Anyone have anything to add? Company phone in Vcr is 604-266-9910, or 800-661-0091. If anyone wants to speak with the ASE call 403-974-7400 and speak with Tim Daly. Think I just put in more time and energy than my stake is worth.

Good luck,

Jim
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