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Gold/Mining/Energy : Pangea Goldfields T.PGD -- Ignore unavailable to you. Want to Upgrade?

To: Terry Swift who wrote (478)	11/15/1999 11:58:00 AM
From: kidl	Read Replies (2) \| Respond to of 1178

Doesn't this part of the deal effectively kill the chances of any third party offers? As part of this transaction, Pangea has granted Barrick Gold a right of first refusal to match any third party offer received by Pangea for the purchase of its interest in the Tulawaka project in Tanzania where a drill program is in progress.

To: Terry Swift who wrote (478)	11/15/1999 12:05:00 PM
From: Ptaskmaster	Read Replies (1) \| Respond to of 1178

Likely bad news for Pangea shareholders. Presumably this would deter other majors from making 'third party offers' for PGD's 70% of Tulawaka, thus forestalling any additional enhancement of its value through competitive bidding. Hopefully part of the proceeds of the private placement will be used by PGD to develop its properties where ABX has no JV or other leverage.

To: Terry Swift who wrote (478)	11/15/1999 12:22:00 PM
From: Enigma	Read Replies (1) \| Respond to of 1178

It's a good deal: 1) It effectively seems to set a floor of $4.00 on the share value. 2) Admittedly, a third party is not likely to make an offer on Tulakawa - so all of the interest and action will be in the stock price from now on. So far as I know the shares are widely held - the directors have a fiduciary obligation to get the best possible price for the shares - so any later offer by Barrick for all the shares it doesn't own will have to be good - otherwise there will be a bidding war.