Couple of comments before the pre-opening this morning. Confusion still reigns (at least in my brains) over Bresea and its share price demise relative to Bre-x. I am no tax expert, but what little I have read (here and elsewhere) suggests that any deal like pooling of interests, for example, that has significant tax benefits, can only assist Bresea's ability to protect its major asset, BXM, from the tax man. Research Capital's call on BXM ($30) and BSR ($22) reduces the current spread between the two to a more respectable 73%. That's where it used to be several years ago, before the find of the century. As a matter of fact, BXM's Walsh and McNulty told me that back in the days when they gave personal advice over the "we accept long distance reverse charges". So one of the considerations BXM shareholders will face when evaluating potential offers is how the DETAILS may affect Bresea Holdings. Be nice to see the market respond by boosting BSR to more respectable levels... Price snapshot HISTORY at the close:
Oct 4/96 BXM $24.55, BSR $14.25
Sept 3/96 BXM $24.40, BSR $14.45
Aug 12/96 BXM $24.30, BSR $14.60
Jul 22/96 BXM $24.35, BSR $14.85
Jul 17/96 BXM $24.70, BSR $15.60
Jun 18/96 BXM $24.50, BSR $13.75
May 16/96 BXM $23.40, BSR $16.80 (pre-split for BXM, BSR split)
Apr 30/96 BXM $20.00, BSR $15.30 (pre-split both)
Apr 18/96 BXM $16.88, BSR $15.60
Apr 03/96 BXM $16.00, BSR $15.37
Mar 25/96 BXM $14.40, BSR $14.00
Mar 15/96 BXM $15.65, BSR $15.87 (no mistake on my part, BSR leading)
Feb 29/96 BXM $16.00, BSR $16.00 (leap year, trade as equals)
Feb 05/96 BXM $10.70, BSR $10.25
Jan 19/96 BXM $09.12, BSR $09.37
Jan 10/96 BXM $07.21, BSR $08.25
Jan 02/96 BXM $06.20, BSR $07.00
Dec 06/95 BXM $05.32, BSR $05.30
Nov 02/95 BXM $05.32, BSR $05.48
Oct 13/95 BXM $02.67, BSR $02.62
Sep 29/95 BXM $01.81, BSR $01.88
Sep 05/95 BXM $01.42, BSR $01.38
Aug 01/95 BXM $01.40, BSR $01.37
Jul 04/95 BXM $00.71, BSR $00.73
Jun 15/95 BXM $00.53, BSR $00.44
That's the extent of my charting. Besides telling the tape differential between BXM and BSR, it is an instructive history lesson in what has to be one of the most remarkable stocks in Canadian history. Like them or not, Walsh and Felderhof have made many ordinary people very rich, and while they have not been perfect (yes indeedee, I have also been critical of some things as well) it is bloody hard not to be grateful to them. In fact it would be downright ignorant not to be grateful. Walsh deserves CEO of the year, and deserves a handsome payoff, but BEFORE he takes it, he has to deliver the goods to his shareholders, particularly those who have joined in during the past year, with a final and brilliant endgame open-bid checkmate. They deserve their place in Canadian mining history. I hope the final playout gives them that chance and makes us all many more millions of dollars!
Happy gold hunting folks. Live long and prospect (or is that prosper) |
