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To: pater tenebrarum who wrote (1167)	6/28/2000 12:13:00 PM
From: re3	Read Replies (1) \| Respond to of 436258

from the globe and mail Shareholders assail TVX's management Board blamed at annual meeting for collapse of share price ALLAN ROBINSON Mining Reporter Wednesday, June 28, 2000 Toronto -- Angry shareholders of embattled TVX Gold Inc. laid the blame for the collapse of the company's share price squarely on the management and the board of directors at yesterday's annual meeting. The mining company's shares have dropped to a recent 75 cents -- down 4 cents yesterday -- from as high as $12 in mid-1997 on the Toronto Stock Exchange. "We are losing money every year," one irate shareholder said. Another chimed in: "What do you mean every year -- every day." A vote by ballot was even called for by one disgruntled shareholder to approve the motion to consolidate the shares on the basis of one new share for every five old shares, although management had approval in hand of more than 90 per cent of the votes. "What went wrong with this company?" asked one shareholder. Another said he had bought 20,000 shares at $6.50 (U.S.) and another 5,000 at $9.50 (Canadian) a share. Eike Batista, the chairman of Toronto-based TVX, blamed the falling price of gold for part of the problem. He estimated that the drop in the price of gold to $285.60 (U.S.) an ounce from $400 in 1996 has caused the value of the shares to fall $700-million. Another problem was the more than five-year delay in obtaining approval for the proposed $248-million Olympias gold and base metal mine in Greece. The company said it is close to getting the approval of the Ministry of Environment. And the most immediate problem is the potentially massive dilution resulting from the issue in March, 1997, of $250-million in gold-linked convertible notes. They mature on March 28, 2002. TVX has the option of redeeming the notes for cash or a combination of cash and shares priced at 95 per cent of the average trading price for 20 days on the TSE. TVX had to consolidate its common shares in order to ensure that the price remained above $1 or it would have been delisted from the New York Stock Exchange. That would have breached a covenant on the notes. Mr. Batista said resolving the problem of the potential overhang of shares by the conversion of the note is a priority to be resolved by the end of the year. "We can address that issue." He indicated that TVX has about $147-million in cash, a $150-million line of credit and interests in several gold mines. "I own 18 million shares so I'm sitting in the same situation as you are."

To: pater tenebrarum who wrote (1167)	6/28/2000 12:15:00 PM
From: Lucretius	Read Replies (3) \| Respond to of 436258

hey i thought the XAL has a super duper blue line buy signal? what's up? 207.61.23.98 CYC still smells too..... kinda reminds me of a pre-crash hitch -g- 207.61.23.98

To: pater tenebrarum who wrote (1167)	6/28/2000 1:19:00 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

last comment not terribly relevant to ENE ... I think. Large company playing in a lot of markets -- not just your run-of-the-mill regulated utility. They market gas & electricity ... but their stock price is "way-up there!" PCG has recently been denied a hefty increase, requested to supposedly to cover increases in fixed costs -- it was denied the first time around and the PUC was going to take a second look, I think -- it's all probably already discounted in the current stock price ...