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Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: james flannigan who wrote (26215)	7/15/2000 8:43:37 PM
From: Tony from Niagara	Read Replies (3) \| Respond to of 26850

Mes amis, I have mostly lurked here for 2 years. With rare exception I have read every post you have made. IMHO WSP is just like ARP. They trade in the same range and come from the same exchange. Following hostile takeover bids they announced threefold increases in resources. For the most part they both traded 10% over the offer price in the first 3 weeks. Given the lack of appearance of a white knight up to now (Jimmy Pattison), we may see a fall back towards the offer price. If this thread is any indication of shareholder resolve to obtain a better price, De Beers will be unsuccessful in its takeover. If it then chooses to walk away we may even see the price below $4.25. Ultimately, we could see a much higher price. ARP was taken over for about $7.50 per share. WSP may be too. I figure $1.38 billion divided by 50 million shares (as at 12/31/99) to be about $17+ per share after allowing for ABZ's interest in Snap Lake. Multiply by 4 (because it's the tip of the iceberg). $68 per share. If any one knows the current number of shares, please post it. This week the Toronto press has been interesting. One hopes it only influences the feeble-minded. The Financial Post gave tepid enthusiasm to the results of the value recognition program by reflecting upon De Beers' dominance and then quoting an UN advisor who said something to the effect that 'this is the only thing WSP could do' and that 'it is the tip of the iceberg'. The same day The Globe & Mail saw fit to quote an analyst that $4.25 was all shareholders could reasonably expect to receive and another that De Beers might offer a little more to allow face saving by WSP. With all due respect, the Globe should give all of us a break. Most of the serious analysts projected $7.00 per share before the announcement of the results of the value recognition program. Perhaps not all of them had already factored the values of the report into their estimates. Both the Financial Post and the Globe & Mail gave good coverage to the story of De Beers finding ethics - by banning blood diamonds and by giving up some part of its monopoly powers. That story and the media presence of Mr. Oppenheimer are an ominous coincidence with the takeover bid. Obviously, De Beers knows how to play the game. Perhaps the people who run Canada's newspapers for the 2 rich men who own them ..... perish the thought ..... or perhaps Black's troops and (Lord) Thomson's troops just want to do battle. To our benefit, we have several releases of exploration results to come from WSP over the next few weeks. I look forward to them, as I am sure you do too. Bye for now.