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Gold/Mining/Energy : Winspear Resources
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To: marcos who wrote (17721)4/6/1999 6:04:00 PM
From: teevee  Read Replies (1) of 26850
 
Marcos,
It seems I am not alone in my opinion:

Author: Douglas --
Date:1999-04-06 14:57:21

Subject: AGENDAS v
DISPUTES

The failure by Aber to
advise Wsp in writing that
they want to participate in
the current program is not
what the current fracas is
about. It is about jv partners
having different agendas for
how each wants to maximise
their respective interests in
Camsell. For Winspear
Snap Lake is curently their
principal asset and they
need to keep as much
control as possible on all
aspects of the play from
exploration, possible mining
timeframe, partnerships,
marketing options et al.
Aber on the other hand
probably see Camsell as
decidely peripheral to
Diavik and perhaps not
much more than another
option for them in the
ongoing challenge of how to
finance their share of Diavik.
They are apparently
reluctant to commit more
money directly to Camsell (
rather do it through Aberex)
and are even prepared to
consider selling their interest
in Snap. The offer by Wsp
was obviously not taken
seriously as Hanna
apparently dismissed it
without even taking it to the
board. Winspear's offer
merely sets the base price
when shopping the interest
around other parties. So
Aber are prepared to screw
Wsp by flogging their
interest to someone else or
make that interest more
accessible to others by
placing it into aberex.
Winspear needed to find a
way to stymie aber and have
done so through the device
of claiming they are out of
the present program.
Stalemate! aber cannot sell
or float aberex in this
environment and so must
come back to deal with
Winspear. Great. Let's rock
n roll! Douglas

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