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

To: russwinter who wrote (793)	3/28/2001 2:18:06 PM
From: marek_wojna	Respond to of 905

The other short term problem for TVX is present POG in the range of $250 - $270 which I expect to hold for another two months with one or two bounces. This will be a bleeding for companies like TVX, because they cannot hold the short term gains like the big one. Right now mutuals are disposing TVX. Their hedge books are bigger too as percentage to the reserves compare to let say Kinross. Bema is unhedged and keeping better share value with much less cash on hand. If the CB's will play the game as I expect any company with hedge too exposed will fall victims, and there is many of them. One stroke of CB's and they'll achieve more than anybody can predict.

To: russwinter who wrote (793)	3/28/2001 3:42:34 PM
From: baystock	Read Replies (1) \| Respond to of 905

<<I see a little misinformation about TVX...The gold linked notes do not strike me as the end of the world. The formula as I understand it calls for cash or stock issuance to the tune of 2.761 oz times the POG (260) or 718/1000 note. There were 234 million face value out most recent quarter, so at today's POG, they would have to issue $168 million in new stock to convert.>> Are you possibly unintentionally adding to the misinformation? Can you show me the exact clause that leads you to think that $234 million of debt gets to convert at $168 million ? I have not seen anything to that effect. My understanding is that if TVX does not pay up $234 million in cold hard cash, the debt converts into common shares and will dilute the f* heck out of existing shareholders.