Hello Lorne: I tend to agree with Bob, Eric, and yourself. I think Winspears historical record will come back to haunt them so to speak.
It is obvious over the last few years having following them very closely
their corporate mentality is Greed.
The greed factor first surfaced when they delayed drilling in Sep of 96
after the initial float discoveries. Drilling could have transpired in Oct of that year, obvious targets were exposed for drilling. They choose to amalgamate, issue new shares, insiders were greased prior to the initial drilling. Then again in January of 97, if my memory serves me right they did another financing, delayed drilling as well. Then we all
know about the option repricing. I sort of overlooked these as a normal business function in a depressed market. However my views have changed more on the corporate mentality side of the equation.
I think Winspear has probably made it as difficult as possible to maintain a JV on the claim blocks. I judge a company by its cover,
and after reading a few pages of its corporate history, I am again reminded of the rank speculative nature of this company. The cowboy tactics exhibited by this company were more than validated
when they choose to withhold "material news " from the market place
for over 6 months. Only upon pressure by analysts, myself, after the
SF Gold show, when they knew they had been caught, did they reveal the breakdown. Interesting, sort of shows the cowboy mentality
of Winspear and the principles involved. Just as most posters slamming Aber have a vested interest to promote Winspear the method of their promotion is almost carnival like atmosphere in nature.
Lollypop, cotton candy, and ferris wheel rides, sort of reminds of the time when the fat lady entered the circus and they ran out of tickets
for the show.
What they cant promote on SI, they import from Stockwatch for the roadshow of sorts.
I suspect that RTZ needs Aber more than Aber needs Winspear.
The recent production lapse at the Argyle, currently down 7mil carats
for the year while renovations are ensuing, and the fact that any further expansion beyond 2002 has to result in capital expenditures not yet approved, I suspect Aber along with Franco Nevada, & RTZ
will be exporting diamonds directly into the US market exclusive of the
CSO in the year 2002, timing the market as well.
Sincerely
George J. Tromp |
