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Strategies & Market Trends : Winter in the Great White North -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (432)	3/9/2001 11:47:36 AM
From: ralfph	Read Replies (1) \| Respond to of 8273

QBX- If they want it to move it should be easy. There is little on the ask but the houses in play. Run her to 75 run her to a buck. It makes little diference until some retail types start selling and buying. this one has been asleep so long many think it dead. hopefully it will jump up and down a bunch to bring attention to itself. jump way up..... Puleeese. <ggg> off ta work ralfph

To: marcos who wrote (432)	3/12/2001 2:13:33 AM
From: marcos	Read Replies (2) \| Respond to of 8273

cdnx.ca .. uph.v has 13.1m shares out, market cap of 44m ultraholdings.com - 'The company owns approximately 18% (13,230,600 shares) of Ultra Petroleum Corp.,' From qbx.v release on stockwatch 06 March - ' As a result of this purchase, the company now owns 1.35 million shares of UPH, representing 10.66 per cent of its issued and outstanding shares.' Now i am presuming that this is in addition to the uph.v convertible debenture from Nov - 'The company will participate in a financing of Ultra Holdings, a company that trades on the Canadian Venture Exchange under the symbol UPH. The company will purchase a convertible debenture of $5-million, bearing interest at 8.5 per cent per year. The debenture will have a term of five years and conversion into units can occur after the initial 18 months until the end of the term. The debenture is convertible into units after the initial 18 months at the rate of $2.70 per unit until the end of the second year after issuance; $3.20 until the end of the third year; $3.70 until the end of the fourth year; and $4.20 until the end of the fifth year. Each unit comprises one common share in the capital of the company and one non-transferable share purchase warrant. ' So 5m divided by 2.70 = 1.85m shares ... plus 1.85m warrants that are in the money, so 3.7m shares effectively ... but leaving them aside for the moment - 1.35m + 1.85m = 3.2m shares held by qbx out of the 13.1 issued, or roughly 25% ... with another 14% or so coming when those warrants are exercised. Using the 25% of uph, qbx then in a way holds 25% of the 13.23m shares uph holds of up.to, which traded last at 7.36, so uph.v's up.to holdings are worth 97.4mCdn [less than half uph.v's market cap] and qbx.v therefore indirectly holds 24.35mCdn worth of up.to. 'and qbx.v therefore indirectly holds 24.35mCdn worth of up.to.' - while it has a market cap less than 80% of that figure, and cash that exceeds that figure, and significant other assets. If/when up.to gets taken out, what do they do with uph.v? ... it will have a whack of cash, 100mCdn or more, and qbx will have near 40% of its shares.

To: marcos who wrote (432)	4/30/2001 1:54:25 AM
From: marcos	Read Replies (1) \| Respond to of 8273

qbx.v - rough calculation of asset value in Cdn ... eight publicly-traded holdings - ca.finance.yahoo.com gni.v - 4.8m shs at 2.00 = 9.6m uph.v - 1.74m shs at 4.60 = 8m ema.amex - 657k at 4.20US = 4.1m [using 1.5xUS throughout] negy.otc-bb - 3m at 0.86US = 3.9m ca.finance.yahoo.com qbx.v - 2m at .47 = .94m <= yes, their own paper, bought back and not cancelled ltg.v - 6.7m at .12 = .8m nuc.v - 1m at .40 = .4m ubi.amex - 177k at .50US = .13m private dot.bomb holdings [at book value, i.e. cost] chalk.com - 812.5k, cost 2.4m musicplex.com - 2.225m, cost 4.5m Bird Canyon gas gathering system - 8.25m <= [netted ~.8m last year] cash - ~20m <= hard to figure out, due to not knowing the status of pn.amex shares and a debenture with uph.v at the end of the 31 Dec quarter, whether they were counted as cash or investments on the financials ... both positions have been unwound since [and the pn.amex may have been sold in Dec] ... a chap named pin on stockhouse figures maybe ~25m cash or more, and makes a good case for it, but i prefer to stick with the conservative figure until we know for sure. So - that all adds up to 63m ... i'm inclined to strike half the private dot.bomb stuff, so let's make it 60m ... there are a little less than 40m fully diluted shares, so it seems reasonable to figure that at ~.50 the stock is trading at near a 70% discount from NAV ... 'a little less than a third of value' ... now holding companies do tend to trade at a discount to value, but the discount fluctuates, and that's a deep one.