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To: yard_man who wrote (218478)2/3/2003 6:05:16 PM
From: reaper  Read Replies (2) | Respond to of 436258
 
she is saying that returns are deteriorating, and thus cash flow should be returned to shareholders. this is correct.

now, to the question as to whether or not you should be long a company with deteriorating returns, and paying a significant premium to book for it (as per her price target); well, that is another matter entirely.

Cheers



To: yard_man who wrote (218478)2/3/2003 6:05:20 PM
From: Broken_Clock  Read Replies (1) | Respond to of 436258
 
FYI,
from PDG IR on their hedge program...

"For 2003, based on 3.5M ounces Placer will be approximately 25% hedged at an
average price of approximately $370 USD/oz. We will be releasing our complete
go forward hedge position on Feb 19th with our Q4 statements. It will be
available on our website.

No there penalties exist apart from the opportunity cost on revenue."


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