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Politics : Dutch Central Bank Sale Announcement Imminent? -- Ignore unavailable to you. Want to Upgrade?

To: russet who wrote (7702)	9/8/1999 11:19:00 PM
From: m.philli	Respond to of 81271

Hello Russett, can you explain if the following is saying that these debentures can be redeemed at Trizec's option for cash ($19 u.s.). In other words to they have the final say on whether these Barrick shares are retained by Trizec if desired? I did the proper thing when i had a question on a company's dealings and inquired. Trizec responded rapidly, as yet Barrick has not responded at all. Below it the question I posed to Denis Fabro of corporate finance, in regard to whether these debentures had been purchased by Barrick, or if not, in one block by some other entity. This was in the desire to find out who outside of BARRICK AND Trizec Hahn could have an influence (if any) on Barrick GOLD and their "PREMIUM GOLD SALE POLICY". On the chance that it was Barrick, who had leased gold, sold it ,then invested the funds in TRIZEC convertible (or not so convertible?) debentures, it would be of interest why? If they had leased gold at 1.35%, sold it ,then bought debentures that paid Barrick dividends and 1.35% (totalling as stated below 2.3%), their return on investment would be less than 1%, which does not seem to be a very good investment for Barrick! I would think they could do better than that, unless, they are contemplating some very large dividends. Unfortunately Mr. Fabro did little to clear up my question as to who took down this debt. QUESTION: As a potential investor in Trizec Hahn, I would be interested in some info on the holders of your recently re-financed convertible debentures (convertible to Barrick gold shares). Can you tell me if Barrick Gold holds any of this debt? Can you tell me who are the large block holders of these debentures? thankyou, ANSWER: Mr. Phillips, The debentures that you are referring to were issued as a private placement. They don't officially trade on any exchange and no prospectus exists for these debentures.. In reference to your questions regarding holders of this debenture, again the issue was a private placement. Thank you for inquiry Dennis Fabro............ original news release: Financing Cash Proceeds To Be Used To Complete Redemption of All Outstanding 3 1/4% Exchangeable Debentures TRIZECHAHN CORP ("TZH-TMDNPQX") - To Issue Exchangeable Debentures In Bought Deal Financing - Cash Proceeds To Be Used To Complete Redemption of All Outstanding - 3 1/4% Exchangeable Debentures TrizecHahn Corporation announced that it has signed a bought deal underwriting agreement with RBC Dominion Securities Inc. providing for the sale of $204.4 million principal amount of a new series of debentures exchangeable for common shares of Barrick Gold Corporation. The private placement offering is expected to close March 17, 1999. The new debentures mature March 17, 2024 and otherwise contain the same terms and conditions as the exchangeable debenture financing that was announced yesterday. The proceeds from the offering will be used to redeem for cash the remaining $300 million (50%) of TrizecHahn's outstanding $600 million aggregate principal amount of 3 1/4% debentures, maturing December 10, 2018, exchangeable for Barrick common shares. A notice of redemption will be issued later this day and the redemption date will be April 26, 1999. The two new series of exchangeable debentures will have an aggregate principal amount of approximately $409 million, $191 million (32%) less than that of the 3 1/4% debentures, and a current interest rate of about 2.30%. The combined effect of the refinancings is to reduce TrizecHahn's net interest expense by approximately $11 million per annum. Both new series of debentures will bear interest at an annual rate based on the dividend on the underlying common shares of Barrick Gold plus 1.35% and will be exchangeable, at the option of the holder, into common shares of Barrick Gold at a fixed exchange rate of 52.4162 per $1,000 of principal amount or, at the option of TrizecHahn, the cash equivalent. TrizecHahn will pledge the common shares of Barrick Gold that previously secured the 3 1/4% debentures to secure its obligations upon any exercise of the holders' exchange right. The debentures will be redeemable at any time by TrizecHahn. Upon redemption, TrizecHahn may, at its option, repay the principal amount by delivering common shares of Barrick Gold based on the fixed exchange rate or the cash equivalent. The new series of debentures have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. TrizecHahn is a major integrated real estate operating company with ownership interests in 119 properties comprising 65 million square feet. It owns, develops and manages office buildings in the United States, Canada and Europe. The Company also creates retail/entertainment and office projects in North America and Europe. TrizecHahn 3 1/4% debentures, shares and warrants trade on the Toronto and Montreal stock exchanges, and its shares and warrants also trade on the New York stock exchange, under the symbol TZH. For more information about TrizecHahn, visit the TrizecHahn website at www.trizechahn.com. All amounts in U.S. dollars

To: russet who wrote (7702)	9/11/1999 12:56:00 PM
From: m.philli	Read Replies (1) \| Respond to of 81271

Morning fellas, Russett, thanks for the pm explanation to my questions. You guys are in luck, I got a letter published in the Singapore Business Times. Hopefully, it will generate enough communication to keep me busy for a while, giving you threadsters a rest. I'm more interested in the Asean viewpoint on Gold anyway. That's where gold's future (if any)lay........ S'pore as 'Switzerland of Asia' - published on 11 Sep 1999 I VISITED your country about five years ago on my way to the Philippines. I was amazed at the cleanliness, beauty and order of the city. It is amazing to me how the "hub" of South-east Asia can display such characteristics, while the varying "spokes" at various times seem to erupt into such chaos. I have a great deal of respect for some of your law-and-order policies that sometimes have drawn such clamour from countries such as mine and the larger one to my south. Denigrating your laws on vandalism, drugs, etc seems unreasonable at a time when in our own country, our children are being gunned down in their own schools. One hopes you do not become too "westernised" in all things. I have some questions which I hope some of your readers may help me with in trying to understand Asean economics and its future. With Singapore being the shipping and transportation hub, and well on its way to being the banking, financial, technology centre of South-east Asia, I wonder if you ever see yourself as the "Switzerland of Asia" in this sense -- could you ever see Singapore "backing" your dollar to gold? I have been trying to determine how many Singapore dollars are in circulation to find out how much gold would be required to achieve this at the present time. I see a vision of Singapore with a gold-backed currency becoming the currency of inter-Asian trade. This, it seems, would free Asean of any "bondage" to American policies and politics. If this was ever going to happen, now is certainly the time, with the price of gold at a long-term low. With the cooperation of the other nations which could sell some of their US reserves for gold, then purchase Singapore dollars with the gold, you would be taking destiny into your own hands. Singapore could prosper from its position of being "the Asean bank", the other countries could prosper knowing that their trade currency is stable and would remain so, independent of "outside" interference. Singapore, acting as bank and "accountant", would give Asean the desired ability to know exactly how, where and from whom, money flows into and out of the region. This would allow the appropriate actions to be taken in a timely manner, helping the prevention of a situation like the one the area is recovering from now. I wonder if any of your readers feel some benefit in backing the Singapore dollar to gold and following this destiny for your country and your neighbours. I can be reached at miphilli@vip.net. I wish you all a happy, prosperous future. Michael Phillips Canada via Internet