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Gold/Mining/Energy : Trump's 12 Diamond Picks, Discussions Limited
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To: George J. Tromp who wrote ()3/15/1999 7:52:00 AM
From: bill  Read Replies (1) of 2251
 
Winspear proposes corporate restructuring

Winspear Resources Ltd WSP
Shares issued 33,721,333 Mar 12 close $3.02
Mon 15 Mar 99 News Release
Mr. Randy Turner reports
The board of directors proposes to undertake a corporate restructuring. The
board proposes to create a separate company (newco) and to transfer from
Winspear to (newco) all of the early stage exploration properties presently
held by Winspear. Winspear would continue to hold its interest in the
Camsell Lake property.
The board of directors has determined that such a restructuring will
increase shareholder value by enabling each company to focus on its own
business plan, and by allowing the shareholders to hold a security which
reflects the value of Winspear's portfolio of exploration properties.
The restructuring is subject to shareholder approval, and also to the
acceptance of the transaction by the Vancouver Stock Exchange, and the
issuance of applicable orders by the Supreme Court of British Columbia.
On completion of the plan of arrangement, each holder of shares of Winspear
will, for each share of Winspear presently held, hold one share of New
Winspear which will continue to hold the Camsell Lake property and which
will retain the name Winspear Resources Ltd., and 0.125 of a share of
NewCo, which will hold all of the current Winspear's exploration properties
and adequate working capital. The record date for the purpose of
determining the holders of Winspear shares who will be entitled to receive
such share is the business day preceding the date that the plan of
arrangement is recorded with the Registrar of Companies. The VSE will
continue to list the shares of New Winspear and will list the shares of
newco.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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