southern africa minerals Message Board

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Gold/Mining/Energy : southern africa minerals

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To: Leo Raftis who wrote (280)	4/14/1999 9:08:00 PM
From: Neil Thomas	of 314

Leo, Would appreciate any info you gather from Wayne O'Connor. Given the current stock price ($0.75 April 14) why wouldn't Noranda buy SAF or a controlling interest ? Bare with me but look at the math, NOR has to spend $6 million plus buy $2.85 million worth of SAF, total = $8.85 million with 19.2 million shares outstanding, equates to $0.46 /share for 70% interest. Equivalent cost to buy 100 percent for Noranda works out to $0.60/share. So if Noranda can wait & watch SAF tank and scoop it for under $0.60 then they are in the money. This is wild speculation on my part, I don't understand tax law regarding write off of mining expenses or if SAF has some sort of poison pill or a working agreement to prevent NOR from gobbling them up. However, I would rather see some interest in this solid company and have the price rise and write back and forth on how smart we are for getting into SAF rather than this. Later.

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