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Non-Tech : Lake City Gaming: LCG-V
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To: Pianoman1997 who wrote (77)3/2/1999 7:38:00 AM
From: David Michaud  Read Replies (1) of 124
 
The distribution of Fred's shares is currently at the regulatory approval stage. Major shareholders must be approved by the B.C Gaming Commission. Transactions which result in an effective change in control must also be approved by this regulatory agency.
This is mostly a formality which should be completed shortly allowing Sprott and its clients to begin purchasing stock in the open market. Sprott should issue a research report soon after the completion of the distribution.

After some minor delays, Penticton looks like it is a done deal - a press release could happen any day.

The company is currently investigating expansion opportunities in light of the recent white paper on gaming in the province which certainly openned the door to new opportunities.
This expansion could take the form of acquisitions or new casino start-ups. Start-ups could be preferred because of the relatively low capital cost after "facilities assistance fees."

Today, the company arranged purchasers for the remaining 10K of shares owned by former McDermid debenture holders who had been dumping stock recently. Once this pressure eased, the stock started to show some upwards momentum again.

Watch for new developments shortly.

______________
Grant reprint from Stockdepot.com
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