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Gold/Mining/Energy : T.ITE: iTech Capital (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: John Powell who wrote (1872)	11/15/1999 2:33:00 PM
From: keith massey	Respond to of 5053

John I forgot to mention...great find on the BBL mutual fund holdings. If I had to guess I would say this selling is a mutual fund blowing out their position and locking in a loss and not individual investors. Some other food for thought on where the shares might be coming from.... In March 1994, the company closed a brokered private placement of 4,000,000 special warrants (shares $1.30/warrent $2). According to the 1996 annual report, almost all of these special warrants were converted into shares. This would have resulted in Eagle Capital holding ~800,000 and Altamira Precious and Strategic Metal Fund holding ~1,600,000. I do not know if these funds are still holding companies shares. However the shares where purchased through Yorton which could help explain the Yorton selling we have seen during the past year. From a December 1998 article from Eagle Capital "Reuters reported another hedge fund, Eagle Capital Management began liquidating their $327 million offshore and domestic Eagle Global Value Funds (mainly in equities, bonds and futures) in order to shut down operations by the end of the year. As they are an offshore account, there is no current listing for holdings of Eagle Capital." (http://www.gold-eagle.com/editorials_98/harris120398.html) Almost all of the selling in the past year has come from GP and Yorkton (and 400,000 from Oldum). If these two houses were not selling I can only imagine what the price would be right now. During the past 5 trading days Yorton is almost net even on buys/sells which means they have likely blown out their position (fingers crossed). GP appears to be in blow out mode right now and can't hold up this selling for much longer. When these two players are finally gone there should be little selling pressure left. Best Regards KEITH

To: John Powell who wrote (1872)	11/15/1999 2:39:00 PM
From: keith massey	Read Replies (1) \| Respond to of 5053

I should also add....I said GP appears to be in blow out mode right now because they are dumping shares on the bid like crazy the past week days. In the last 5 trading days GP has net sold 355,000 shares. I guess GP has seen this volume as a great chance to finally get out of the last of their position. EDIT: They must be listening...they just dumped another 35,000 shares at market in the past 5 minutes and are now out 390,000. It is much better getting this selling out of the now so when the news comes we don't have any selling pressure holding us down. Best Regards KEITH