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Gold/Mining/Energy : Avenor (avr-tse) - Repap buyout (rpp-tse)
AVR 4.010-4.8%Nov 6 3:59 PM EST
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To: william smith who wrote (39)1/30/1997 7:47:00 PM
From: Andre Koluksuz   of 290
 
Billy, Will and others, This company has a book value of anywhere from 4.5 to 6.0 dollars according to various brokerage houses. I agree with Billy that , on the surface , the stock price does not make any sense. The stock was trading at 5.40 just before the Avenor offer was announced. Didn't the investors know then that this company had lots of debt ? Why were they paying 5.40. Where were all those "genious" financial gurus who are today saying that "market has spoken, this company is not worth the 5.00 dollars that Avenor is offering ?" Why did'n they say the same a month ago . Let me tell you why. These are the prommoters who want to make some quick money for their portfolios.As we speak here they are buying Repap in blocks at this price and believe me they will profit big time. Look at the block trades daily in the Globe or Financial Post.This book value of 4.5-6.0 dollars is after deducting Repap's dept. Is the Avenor managemnt stupid? No. On the contrary they are so smart that knowing Repap's financial problems . they are buying it real cheap. I have never heard of any buyout before which could go through at the 52 week low of the stock. (Repap 52 week hi-low before the deal was announced was 15.00-4.75)
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