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Gold/Mining/Energy : Orbit Oil and Gas (t.orb) -- Ignore unavailable to you. Want to Upgrade?

To: Scott Mc who wrote (136)	11/28/1997 6:18:00 PM
From: Anthony Wong	Read Replies (1) \| Respond to of 171

Friday November 28, 4:20 pm Eastern Time Sunoma urges Orbit to waive poison pill CALGARY, Nov 28 (Reuters) - Sunoma Energy Corp said on Friday that Orbit Oil & Gas Ltd should waive its shareholder rights plan so its shareholders could reap the value from its C$73 million takeover bid. Sunoma also called on Orbit to bring forward any competing bids for the company that were higher than the C$1.70 per share offered by Sunoma on Thursday. ''Our offer of C$1.70 even exceeds our calculation of full and fair value,'' Sunoma Chief Executive Rick MacDermott said in a statement. ''We calculated the uppermost value from our research and went beyond that in order to make this a no contest bid. Given the lack of detail in Orbit's comments yesterday regarding prospective offers, Sunoma has serious questions about any suggestions of higher offers at this time,'' MacDermott said. Orbit Chief Executive Robert Lamond said on Thursday that Sunoma's bid was too low based on his company's prospects and that that he had already been contacted by other potential bidders. Sunoma announced its all-cash hostile offer on Thursday after it acquired a total of 6.9 percent of Orbit's shares. Sunoma is a private company owned by MacDermott and a group of U.S. energy funds organized by Fort Worth, Texas-based Natural Gas Partners Group. ''Our offer also represents a 55 percent premium to the C$1.10 offered for Orbit shares by Gulf Canada Resources Ltd (Toronto:GOU.TO - news) just two years ago,'' he said. ''It should be noted that Gulf Canada subsequently withdrew that offer and the price of Orbit shares declined to the low C$0.90 level shortly thereafter. Since that time, Orbit shareholders have received little for their continued loyalty to the company.'' Orbit, the Toronto Stock Exchange's most active issue on Friday, closed unchanged at 1.71 on volume of 4.6 million shares. biz.yahoo.com

To: Scott Mc who wrote (136)	11/30/1997 10:17:00 AM
From: virginijus poshkus	Read Replies (1) \| Respond to of 171

Scott, i am glad you are able to profit in this market. not many winners. i don't own orbit, but it could jump start the rest of the group. vargas

To: Scott Mc who wrote (136)	12/1/1997 4:29:00 PM
From: Goldberry	Read Replies (2) \| Respond to of 171

Scott/all Decided to sell 60% of my position at $1.75. I still think Lamond is a snake and you can bet he is spending big time figuring out how to stymie this offer and not as much on getting a better deal. This is a big meal ticket for Lamond and he keeps issuing himself more shares each year at undervalued prices. Management (mostly him) control with options about 31% of total fully diluted shares (around 47 million). I reckon he only needs to have friends purchase or control about 10 million shares to defeat this takeover and I am concerned with the volumes currently being traded about 14 million shares since the announcement. If I don't see some info about other interested parties in the next week I will sell it all. Upside I doubt this stock is going past $1.90 especially with current demise of energy shares. Just my opinion and I welcome others. Graham