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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: DavidA who wrote (2468)2/17/1999 10:09:00 PM
From: GEORGES  Read Replies (1) of 7235
 
In all fairness to management we have to acknowledge that it is doing a very good job in all respects save maybe the way it handles PR.
1.It has demonstrated the ability to find diamonds in places that much bigger players overlooked.
2. The legal problem with DB was settled quickly and favorably. Better to have 40 per cent of a revenue generating mine for the next 4-10 years than 100 per cent of a potential mine tied in the courts for the next ten years with no cash flow to SUF, high legal cost and an uncertain victory in the courts.
3. The deal with DB guarantees us a market for production from all our operations in SA.( Marfonstein and Kipslinger)
4.The deal between DB and the local group is politically correct and is favorable to Suf in that it has cost nothing to SUF.
5.We are shareholders in a co. that I estimate is selling at a multiple of 2.2 times 1999 cash flow per share......
6.The diamond market, as all commodities and natural resources , is taking a back seat to so called high-tech stocks that trade at multiples of sales.....
7.I bought in at between 5.50 and 6.50 more than a year ago after I read an article on Chris Jennings. He just came accross to me as a person I wanted to take a risk on. I would bet anything that the employees love to work for this guy
8.Let's all be patient and forget the quick kill. In two years time SUF will be at $20 and a lot of the high tech stocks will be delisted.
9.It would be great to find diamonds in Canada but it is not the end of the world if it does not happen by the end of February...
10.All of this does not mean that Suf cannot improve it'PR in a big way and I think management needs to consult with an expert on the matter.

I hope you will all excuse my verbiage as most of you have probably fallen asleep.
Pleasant dreams....

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