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Strategies & Market Trends : Talk to Lola:) -- Ignore unavailable to you. Want to Upgrade?

To: pink789 who wrote (1666)	10/25/1999 9:00:00 AM
From: Lola	Respond to of 2010

MEL/tse . . . Merit Energy . . . news . . . Globe says Merit hires adviser Merit Energy Ltd MEL Shares issued 34,274,315 1999-10-22 close $2.2 Monday Oct 25 1999 The Globe and Mail reports in its Saturday, Oct. 23, edition that Merit Energy, which has seen its stock plunge 66 per cent in the past five weeks, has hired a financial adviser to come up with ideas to stem the slide. The Globe's Brent Jang writes that Merit has retained FirstEnergy Capital to advise it on how to recover from a punishing fall from star status. Based on a $2.20 close on Friday on the Toronto Stock Exchange, Merit has a stock market value of $90-million, compared with $270-million in mid-September. Investors soured on Merit as its missed its production targets, says The Globe. Merit says it has appointed a three-member, independent committee of directors as part of the process of seeking "strategic alternatives to maximize shareholder value." FirstEnergy says Merit is not in a rush to put itself up for sale. Merit recently produced 65 million cubic feet a day of gas -- far short of expectations that it would be able to surpass 85 million cubic feet daily. Merit says a fourth-quarter drilling program for natural gas will bolster production. ++++ Lola:) PHPI