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Gold/Mining/Energy : Winspear Resources
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To: Tony from Niagara who wrote (16236)3/21/1999 2:49:00 AM
From: Lilian Debray  Read Replies (1) of 26850
 
That's an excellent post, Tony, this thread could use more of that kind.

May I suggest that your are really talking about two tiers of shareholders here?

1. If I controlled WSP, my first worry would probably be to get the best value for my own shares and the second, of course, to ensure my continued employment.

Before any other consideration, I would probably use the excitement around Camsell Lake to sell some of my shares at a good price.

I would then try to slip by a huge consolidation of the number of shares in the new company and call it a split. As long as I would be at it, I would divide them by the biggest number possible. That would ensure that quite a number of shares would be taken out of the market and would remain in the portfolios of unprepared small investors as a perpetual reminder of my friendly smile and my firm handshake.

2. If I only owned 1000 shares of WSP or did not have multiples of 8000, depending on the trading price of NewCo, I would ask myself how much I would get for multiples of 1/8 of those shares on the market and how much I would have to pay for multiples of 7/8 to have a full lot. I would certainly ask my broker what his commissions would be depending on the various scenarios. Relying on my expectations for Camsell Lake and other Winspear properties but also on my experience and study of splits and consolidations, I would wonder if it wouldn't be wiser to buy or sell my shares before the split.

Best regards and wishes.
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