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Gold/Mining/Energy : Steppe Gold (SPE:V)
SPE 15.22+0.1%4:00 PM EST
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To: S. E. Baker who wrote (1008)7/10/1998 8:39:00 PM
From: S. E. Baker  Read Replies (2) of 1248
 
To All: I just visited the Antares thread, to see what Antares is like. For those interested, there is a summary of their recent AGM on July 9 by Gabe. ANZ looks like a good company run by smart people with an eye for value. They appear to be doing a better job than SPE of protecting themselves from cash flow problems.

Their market cap is about the same as SPE's: 34M shs x C$.27 = C$9-10M. However, they have upwards of $5M in cash and salable stock to help them move forward. They obviously are pleased to be involved with SPE.

I came away from my quick survey with a fairly firm understanding that ANZ is *not* into merging or taking over other companies. Therefore, my thought in a previous message that such a deal might be in the works looks doubtful to me now. It would be out of character for ANZ to do that. Therefore, what is going on at SPE is simply that they now have the resources to get their books in order and complete the due diligence work with Standard Bank. That's good.

I would hope that SPE management would know already that their stock is going to have a *very* rough day (or longer) if they return to active trading without significant good news to make the stock immediately attractive. I can see that going either way. I do not see it likely that they will be delisted or have a permanent severe drop in their stock price.

Now I'm going to take my own advice and go for a walk in the late afternoon sunshine.

Cheers,

Steve
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