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

To: russwinter who wrote (843)	4/11/2001 1:51:09 AM
From: baystock	Read Replies (1) \| Respond to of 905

After being dropped from the TSE 300 there is less institutional demand. Here is a post from Kitco: Date: Tue Apr 10 2001 22:30 Goldteck (TVX down at $0.68) ID#432286: Copyright © 2000 Goldteck/Kitco Inc. All rights reserved I know the group has given up because it would be too expensive to go in court ### We terminated the action shortly after TVX rejected our second attempt. We had to go to court to force TVX but this was too costly. Clearly, TVX does not want shareholders interference. regards, Mentor - by: mentor_depret03/30/01 ##### From an old article. Group pushes TVX to sell stake in 5 mines Wants proceeds used to pay off notes ALLAN ROBINSON Wednesday, November 29, 2000MINING REPORTER -- A group of private investors and mutual funds are putting pressure on TVX Gold Inc. to sell its minority stake in five gold mines and use the cash to help pay off $250-million in gold-linked convertible notes.The shareholders have asked TVX to call a special meeting, and said they want to nominate their own slate of directors and remove the current board of directors."We are trying to save TVX," said one of the group who complained that TVX's shares are depressed because of the potential for a massive dilution if the notes are redeemed for a combination of cash and shares.TVX shares closed yesterday at $2.49, unchanged, on the Toronto Stock Exchange. They were consolidated on the basis of one new share for five old ones on July 31.David Lifschultz, a New York investor and businessman, said that the group holds more than 5 per cent of the outstanding shares, which is enough to request a special meeting of shareholders.Mr. Lifschultz said the group wants to be "helpful" to Eike Batista, the chairman, chief executive officer and founder of TVX."The share price does not reflect the real value," said Mentor Depret, a Belgium investor and geologist, who also represents other investors. Mr. Depret said that he is frustrated by the lack of action taken by TVX's management."It's a very undervalued situation, and in the interest of shareholders something should be done," said John Hathaway, the manager of Tocqueville Asset Management in New York.Andrew Boczek of Gulliver Investments of San Francisco said that either the current management should make the changes or a new management slate should be appointed. The group believes that the value of TVX's proposed $248-million ( U.S. ) Olympias gold and base metal mine in Greece is not being recognized by investors. They either want to find a partner to help develop the mine or sell it.TVX's five operating mines are located in Chile, Brazil and Canada."I expect they are a group of shareholders anxious to see TVX realize some of its shareholder value," said Carl Hansen, a spokesman for TVX.A representative of the group said that a letter had been sent to TVX."I can't comment on what's in the letter," Mr. Hansen said. news.globetechnology.com