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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Mark Bartlett who wrote (3718)3/8/1997 9:14:00 PM
From: Larry Brubaker   of 35569
 
I sort of made this point already so excuse me for being a little repetitive.

But I think it is excellent news for shareholders of IPM that they set the price at $10 per share for the shares going to Phoenix. That tells me they are sending a message to the market that IPM shares are worth a heck of alot more than $10. Phoenix would not give up its stake in this property for the cash payment alone, there has to be substantial value in the shares of IPM that they will receive.

This tells me that IPM and Phoenix know this company is worth well in excess of $10 per share. Until a week ago, this stock was trading at $5.50. They could have easily set the price at this level. The fact that the price was set at $10 gives me that much more confidence that IPM is worth much, much more.
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