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

To: David Culver who wrote (2525)	1/24/2002 3:41:04 PM
From: David Alon	Read Replies (1) \| Respond to of 11633

I also believe that some of these trusts should be cheaper, but some have some very good properties and hedges, take for example, AVN.UN, which had a financing last week @ 7.90 and is trading now at around 8.55.I believe it's the qualities of their properties and management that makes a difference. Another trust I like as many others do is AY, just announced another financing,and their properties and management are very good. If prices will move up this stock should fly. APF Energy Trust Announces $25,350,000 Offering of Trust Units 15:10 EST Thursday, January 24, 2002 APF Energy Trust ("APF") announces that it has entered into an agreement to sell, on a bought deal basis, 2,600,000 trust units at $9.75 per trust unit, to a syndicate of underwriters led by Scotia Capital and including CIBC World Markets Inc., National Bank Financial Inc., Research Capital Corporation, TD Securities Inc., and Dundee Securities Corporation. In addition, APF has granted the underwriters an option to acquire up to an additional 650,000 trust units on the same terms and conditions until 48 hours prior to Closing. The first cash distribution in which the Trust Units offered hereunder will be entitled to participate will be for the month of February 2002 and will be payable on or about March 15, 2002. The net proceeds of the issue will be used to repay outstanding indebtedness, to fund future acquisitions and capital expenditures and for general corporate purposes. The issue will be offered in all provinces of Canada and to Qualified Institutional Buyers in the United States pursuant to the registration exemptions provided by Rule 144A of the Securities Act of 1933 and internationally as permitted. The offering is subject to normal regulatory approval and is expected to close on or about February 13, 2002. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The trust units offered will not and have not been registered under the United States Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. APF is a conventional oil and gas royalty trust that acquires, develops, produces and sells crude oil, natural gas and natural gas liquids for the generation of cash distributions to unitholders. Trust units of APF trade on the Toronto Stock Exchange under the symbol "AY.UN". APF is managed by APF Energy Management Inc., a Calgary-based company. For further information, please contact: STEVEN CLOUTIER Telephone: (403) 294-1000 APF Energy Group Toll Free: (800) 838-9206 2100 - 144 4th Avenue S.W. Fax: (403) 294-1074 Calgary, Alberta T2P 3N4 E-Mail: invest@apfenergy.com © 2001 BCE Emergis E-News Services Inc.

To: David Culver who wrote (2525)	1/24/2002 8:15:24 PM
From: Peter W. Panchyshyn	Read Replies (1) \| Respond to of 11633

Although I tend to hold these trust for a fairly long time sometimes it is good to also sell. -------------- I am not against anyone selling if that is what they want to do after examining all the facts and looking at their own particular circumstances. Its just that most of the time people sell (or even buy) for the wrong reasons and at the wrong times. Letting fear and emotion guide their actions. And they rarely take in all the information , missing some , ignoring others thinking they may not be important. Problem is sometimes they are important even very important. ------------------- Sold SHN.un today seems to be over priced given natural gas prices. Any thoughts?? -------------- I said before in an earlier posting that I did not get into this one for the main fact that its payout when I looked at it was quarterly. That did not fit my own particular circumstances or preferences ---------------------- -------------- As for its unit price compared to ngas prices I will respond to that tommorrow. Will be stepping out shortly for the evening. -------------------------

To: David Culver who wrote (2525)	1/25/2002 2:20:24 PM
From: LLCF	Respond to of 11633

Sold my SHN a while back too... been buying PWI on weakness. FWIW, my opinion: Message 16961660 DDAK

To: David Culver who wrote (2525)	1/25/2002 6:22:14 PM
From: Peter W. Panchyshyn	Read Replies (1) \| Respond to of 11633

Below is the historical data for SHN Again it is from the Financial Post Data Group Publication ANNUAL DIVIDEND RECORD & 10 YEAR PRICE RANGE 2000 EDITION YEAR ----------HIGH -----------LOW 2001 -----------18.70 ----------- 11.85 2000 -----------18.50 ----------- 9.90 1999----------- 11.40 ----------- 9.95 1998----------- 10.30 ----------- 7.75 1997----------- 10.30 ---------- 8.55 I am attempting to find a chart (data) for historical ngas prices. My old link to one is no longer functional. In the mean time look to the following link for a graph of ngas prices back to 1988 CDN prices and NYMEX prices back to 1995. rudyard.ab.ca Your concern was the price for the units were too high for current gas prices. Now using the prices for the units from the FP chart I post above. Compare the ngas prices from the graphs on the link I gave. The things to try to find are , a past price for ngas where it is now just over $2 US, and the unit price for the trust at that past price date.? If a past date unit price is higher than todays unit price given the same ngas price for both periods (today and the past date) then the unit price today may not be overvalued. If however the past date unit price is lower than todays unit price given the same ngas prices for both periods then the unit price today may be over valued. Now this assumes that the unit price for SHN is 100% correlated to the price of ngas. That may not be the case. To find the correlation of unit price to ngas price it may be a good idea to do some correlation analysis on the above datas. 100% correlation may not be the case if SHN does not receive all its income from sales of ngas alone. Does it also sell other products even say distillates which are made from ngas but sold for higher prices. For these you would have to look at their annual and other financial reports. Or check their website. Please be so kind as to post what it is you have found with this little exercise. If you are interested in doing it. It maybe of some help or not. This maybe a case of this kind of information being important to make a proper decision. As I pointed out in my previous post. Of course all of this is premised on the notion that you get out of something what you are willing to put into it. Doing the proper due diligence and getting a better return.