Anadime (C.AEM) Message Board

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Gold/Mining/Energy : Anadime (C.AEM)

AEM 171.84

+0.3%

Dec 30 3:59 PM EST

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To: Nexus who wrote (8)	1/23/1997 1:37:00 AM
From: Richard Saunders	of 54

Alain/ You're right, I'm wrong........................ but there are some things that do concern me a bit. The recent financing was done at $0.40 - there's a swack of shares outstanding. The market cap. of the company is substantial - I don't have the exact fully diluted number of AEM at my fingertips but assume it's 40mil give or take. That translates into mkt. cap of around $32mil which I personally think is just a little ahead of itself. Compare AEM with some of the competition - Cdn. Crude is in the same business as is Newalta. Cdn. Crude has a more diversified operation and only has a mkt. cap. of approx. $20mil. Newalta, as you know, is the perceived leader in the "niche" and I don't have the total fully diluted shares number at my fingertips as there was a fairly recent financing. Assume there's 40mil shares outstanding (MAY BE WAY OFF BASE, there was just under 30mil shares at 3Q) and mkt. cap is in the ballpark of $300+mil........... some would say that current oilfield service valuations are already pricing in a bunch of growth. Time'll tell. As I started off, I agree with you that my selling was premature....... I still have a position and do intend to keep it for the longer term (completion of the 10 proposed treatment facilities). In the meantime I have left a bunch of potential windfall on the table but am still VERY happy with results. What else to buy?.................... that's a very good question and I don't really know the answer - for a VERY speculative situation I've piled a good chunk into Canada Payphone - possibly it too will pile on the growth? As always, time'll tell............... Alain, great success with AEM. I too am enjoying the ride but don't forget that sometimes elevators do return to lower floors.

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