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Gold/Mining/Energy : Winspear Resources
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To: Lilian Debray who wrote (16190)3/20/1999 1:57:00 PM
From: Gord Bolton  Read Replies (1) of 26850
 
Lilian, the shareholders on the date of the split will continue to own 100% of Winspear and 100% of Winspear junior.
Winspear will continue to hold the same percentage in the Camsell Lake property as they would have without the split.
It will continue to be the same shareholders with the same percentage (of both Winspears) and the same management.
After the date of the split the two Winspears will be able to operate as separate companies and develop their own independant business plans. A takeover offer, new JV, financing, merger, etc. of one will not impact the other.
Both companies will be valued by the market on their own merits.
The benefits of this move are to the current shareholders.
The value of their investment will be enhanced. At the current date the market values Winspear in relation to their Snap Lake deposit only.
Following the split Winspear Sr. will focuss on mine development at Snap Lake. Winspear Jr. will be an exploration company focussing on finding new resources on their claims.
You may look at MGJ and SWG as two examples of companies with many diversified projects and partners that are highly undervalued by the market. Many investors buy and sell based upon their estimation of prospects and progress on one property only which is the focuss of their interest.
The choice of how to proceed is really about long term management style and company objectives. Both approaches may enhance shareholder value. The mutual fund approach lessens the risk.
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