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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: J. Kerr who wrote (6095)2/24/1999 8:00:00 PM
From: Syncrude  Read Replies (2) of 24925
 
Strange,

A proposed offering of securities led the Ontario Securities Commission on December 16,1998 to accept a statement filed by Nesbitt Burns and CIBC Wood Gundy that Remington "WAS NOT IN FINANCIAL DIFFICULTY" (see article 13).

As well the bank bridge facility was extended to April 1, 1999. So what was the rush to limit an offering to a SINGLE OFFEROR?

The production figures you quoted included disruption at the West Stoddart. As well the higher operating costs due to high sour gas content was being addressed with the Novagas Canada plant.

How can net asset value go from $12.41 at Dec 1997 to a sucker bid at $1.90. I can accept ceiling tests to reduce to CARRYING value of reserves, but we have not seen this data yet.

You have given NO value for the land inventory.

You have given NO value for the fixed assets.

Either there has been a possible fraud in the reporting of the reserves OR the buyer got a fantastic bargain.

So how can securities firm state that REL "was not in financial difficulty" just 2 months ago? How can FirstEnergy state that the offer is fair?

Once again small shareholders get taken for a ride. First it was the junior mine sector and now we are seeing it in oil and gas.

How can we ever trust the financial and operating reports in the future when the get reversed weeks after being issued?

The only hope of recovering from this mess is through an offer from another firm IF shareholders decline the silly offer.
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