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To: glenn_a who wrote (41172)	11/9/2003 8:33:35 PM
From: TobagoJack	Read Replies (2) \| Respond to of 74559

Hi glenn_a, I started here, Message 19427737 <<October 23rd, 2003>> ... and this is all that I know [EDIT: please do add to the BBR knowledge should you discover something new or different - particularly if bad news :0) Saskatchewan Wheat Pool swp.com Exchanges: (TOR: SWP B) uk.finance.yahoo.com Latest New Release: www2.cdn-news.com I read their news release dated Oct 22nd and feel the fair sized company will either disappear or go up in value, at least go up before it disappears and so is worth a gamble. The Pool generated CAD 0.07/shr of earnings in the past quarter, CAD 0.11/shr of cash flow, trades at CAD 0.35, and so is 3x quarterly cash flow, and 5 x quarterly earnings, or, doing the American thing with GDP accounting, annualized to 0.78 x annualized cash flow, and 1.25 x annualized profit ?! Unless I am misinterpreting, the wager thus seems reasonable, at least more so than INTC. I figure buy first and follow later, else would feel bummed if the thing goes to 5x annual earnings. This company has 9% convertible debt about 4 times the equity outstanding. If all the debt is converted the per share data will not look as cheap but overall company cashflows will be much better - All in all an interesting bet. But convertible debt if it is similarly cheap would be even more interesting. Wheat is cyclical, and so they may just have zero annual earnings, in which case I lose, say, 17% and learned something. The <<gamble>> is but a risk/reward ration calculation. I do not fool myself into believing that I am 'investing' :0) Chart: uk.finance.yahoo.com Information Search via SEDAR: sedar.com Financial Statements - Quarter ending April 30th, 2003 sedar.com Research Report: corporateinformation.com COMPANY RESEARCH REPORT:Saskatchewan Wheat Pool Data as of: 10/17/03