Prime Equities International Corp PQE - Records Profit
Shares issued 7,583,959
1998-07-23 close $0.71
Monday Jul 27 1998
Read this article then wonder to yourself why prime charges Haddington resources HDD $5,000 a month for administrative charges of which they virtually do nothing but file the proper reports. They also charge HDD $1,500 a month rent. I am investigating how much a month they charge the other companies under their umbrella and then I will look at their balance sheets. These non- arms length transactions are mentioned in the annula reposrt of HDD but are highly suspect
The Financial Post reports in its Saturday, July 25, 1998, edition that record production, higher silver prices and lower costs helped Prime Resources Group's second quarter profit. The Post's Drew Hasselback writes that Prime reported profit of $8.5-million for the three months ended June 30, up from $7.6-million a year earlier. Revenue was $56.1-million, up from $53.8-million. Production rose to 156,760 ounces of gold equivalent, from 132,212. Salman Partners analyst Haytham Hodaly describes the results as "phenomenal." Prime's average realized price for gold in the second quarter was $297 (U.S.) an ounce, down from $343 (U.S.) a year ago. But the average price of silver rose to $5.48 (U.S.) from $4.80 (U.S.). Prime's special committee of independent directors continues to consider Homestake Mining Co.'s offer to buy the 49.4 per cent of Prime held by the public. Homestake already owns the remaining 50.6 per cent. Homestake is offering to swap 0.675 of its shares for each Prime share. |
