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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (1588)	9/7/2000 10:55:20 PM
From: Gordo	Read Replies (2) \| Respond to of 1762

Ciao, Not an accountant but well enough versed in accounting and finances to read a set of financial statements. Check the balance sheet. As of March 31, TOM had $22,558,000 CASH on hand. This amounts to approximately $1.10 per share in cold hard cash. One interesting note to the financial statements is Note 4: "Included in cash is an amount of $934,465 (1999 - $71,429) which is denominated in Renminbi. Renminbi is not a freely convertible currency." Yeesh - what is that all about. I wonder if they would take payment in seashells or pretty colored stones as well. gord

To: Ciao who wrote (1588)	9/10/2000 3:02:18 PM
From: M. Merriam	Read Replies (1) \| Respond to of 1762

Ciao, Just read your following comment from a few days ago: P. 20 or AR shows net proceeds to TS TELECOM of 12.9 Million from issuance of TST TECH common shares. So IMHO, they did receive some cash from floating TST TECH. Depends on what you mean by this. This money, IMO, is in a TST Tech account, not a TOM account. The accounts as presented in the annual report are consolidated (Note 2) as if TOM, TST Tech and its subsidiaries were one company, so superficially, the report makes it appear like this money is being held directly by TOM. One of the reasons why holding companies traditionally trade at discounts is because of the difficulty in understanding intercompany relationships. For example, just by looking at this report, there's no certain way to tell how much of the cash is held in Canada, the Virgin Islands, Hong Kong or mainland China. Mike