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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Lorne Larson who wrote (757)	3/2/2001 9:51:32 AM
From: Mayer Tchelebon	Read Replies (1) \| Respond to of 11633

Regarding the SHN/IOI deal, the math looks like this: If all IOI elect to receive cash, then 1 IOI = $1.70 + .205 SHN So if you buy IOI at $4.60 you are getting SHN for $14.15 (which is a discount of 8.2% over SHN ex-dividend). The same math on CYZ/PWI means you are getting PWI for approx. $8.39 or a 3.8% discount to current value. Since both PWI and SHN have dropped more than the other trusts since those mergers were announced, I believe there is a quick 5% upside potential on PWI/SHN once the deals close, which would be on top of the discount mentioned above.