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Gold/Mining/Energy : DIAMET/(BHP) TSE.DMM.B
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To: Hartly who wrote (30)8/19/1998 11:17:00 PM
From: PHILLIP FLOTOW  Read Replies (1) of 123
 
John,
Before I get to the meat of your question, let me make it clear that I do not give buy or sell recommendations; I merely share what information I've uncovered. I rely on others who are more knowledgeable in various subjects to put together a portfolio that fits my investment objectives and time frames. I tend to look at things that others have given little thought; that could be why no one else has spoken.
For those who don't follow the SUF thread, I had some thoughts about DeBeers buying up supplies of rough diamonds, but not selling as many through the CSO, thus maintaining prices. Barron's magazine's commodity editor confirmed this a few weeks later. Then Debeers announced their earnings. They were down, the stock and their other mining companies, Anglo American and Minorco sold off. Aber and Diamet also had a bad day. I commented that the "takeover crowd got out".
Aber had recently dropped a shareholder resolution that would have made a takeover more difficult at the request of some institutional holders. In the case of Diamet, the stock is closely held, that is to say that it is more than 50% held by insiders and directors; a takeover defense is not needed. When DeBeers reported poor earnings the only company likely to make a run at either was gone for the near term. So Aber and Diamet sold off too. Personally, I never thought DeBeers was ready to bid.
I hope that answers your question.
PHIL
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