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Gold/Mining/Energy : Inco-Voisey Bay Nickel [ T.N.V] -- Ignore unavailable to you. Want to Upgrade?

To: Bob Fairchild who wrote (817)	12/9/1999 11:38:00 AM
From: nickel61	Respond to of 1615

Certainly a possibility but not likely to be successfull if we as shareholders keep their feet to the fire. We do have two board memebers whose interests ,Franco Nevada and the former vice chair of Diamondfields,Malcaldo should be somewhat concentric with other NVB shareholders interests. Plus I think the agreement states that the 20% premium is to be paid at the ratio of NVB market price divided by the N market price over the prior 20 days. Currently this would be in US dollars $8.125/$19.00 times 120% or .513158% of an Inco share$19.00. Roughly $9.75 US. Times 25,900,000 estimated shares outstanding.This would equal paying a total of $252,525,000 US for 25% of an asset they agreed was worth $3,000,000,000 when they acquired it in August 1996. That's $252 million versus 25% of their $3 Billion purchase price or $750 millions US. I think there have been many examples of that kind of hosing in the past but it isn't likely to happen unless all of us are too stupid to say Class Action Lawsuit! The real news in these arguements is the potential value that underlies the NVB common and the Voisey Bay deposit. The market price will be whatever marginal shares sell for after the minority holders continue to increase their positions.The company can issue more VBN shares so the plot will become quite complicated. All the more reason for all of us to share information with each other. You can bet Franco Nevada is well aware of the above arguements. The beauty of the situation is that currently the shares are so out of favor you can buy them on a true value basis while the rest of the market waits for more news. And in one of the greatest bubble markets of all time it is refreshing to have a stock that actually represents strong value.BUT!!!!! ONE CRITICAL POINT YOU RAISED IS THE QUESTION OF TIME. I WAS UNDER THE IMPRESSION THAT THE COMPANY COULD NOT CALL THE VBN shares for conversion until after 10 years from the purchase date. Have I got that wrong?

To: Bob Fairchild who wrote (817)	12/9/1999 11:40:00 AM
From: buylowsellhigh	Respond to of 1615

I was basing it on the prospects for Nickel and the eventual opening of the mine. Inco doesn't have to redeem the stock but given the redemption clause, yeah, I'd be stupid not to buy it back given its prospects.

To: Bob Fairchild who wrote (817)	12/9/1999 9:35:00 PM
From: nickel61	Read Replies (2) \| Respond to of 1615

Bob, I wrote out a lengthy reply to your post and then managed to destroy the origional. If you received it could you please either post it or send it back to me to post. If you never got it well I guess it is gone. The jist of the post was Inco can not force conversion of the VBN shares until at least August of 2006 unless they sell over 25% of the VBN shares they own to another party. And then they can only force conversion after the sale. So there is not a risk of them srewing us in that manner until later.Thanks