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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Timelord who wrote (428)	12/23/1997 4:33:00 PM
From: Tomas	Respond to of 2742

Extension of offer from Sands Petroleum Tuesday Dec 23 1997 Mr Ian Lundin reports Sands Petroleum AB has extended the time during which its offer to purchase all of the issued and outstanding common shares of International Petroleum Corporation is open for acceptance from 4:00 pm (Toronto time) on December 23 1997 to 4:00 pm (Toronto time) on January 9 1998, unless further extended. Sands has not yet determined whether it will extend the offer to purchase all of the outstanding Swedish depositary receipts of IPC, which offer has been made in accordance with Swedish laws. To date, preliminary indications are that in excess of 80% of the issued and outstanding common shares of IPC (including common shares are represented by SDRs) have been tendered to both the SDR offer and the share offer, however, SDRs deposited pursuant to the SDR offer in Sweden are still being received. A decision as to whether to extend the SDR offer will be made shortly. The formal bid made by Sands consists of an offer to the SDR holders of IPC on the basis of one series B share of Sands for every 1.15 SDRs of IPC and an offer to the common shareholders of IPC on the basis of one series B share of Sands as represented by a global depositary security for every 1.15 common shares of IPC. The bid is still subject to various conditions, including, among other things: (a) there being deposited under the SDR offer and the share offer and not withdrawn 90% of the issued and outstanding common shares of IPC (including common shares of IPC as represented by SDRs) other than common shares of IPC held by Sands and its associates and affiliates; and (b) the receipt of all necessary regulatory approvals and consents, on terms satisfactory to Sands in respect of the bid.

To: Timelord who wrote (428)	12/23/1997 4:53:00 PM
From: John Stopforth	Respond to of 2742

Alex Thanks for the report on the conference call. When I talked to my broker's representative, he said the offer had been extended in Canada due to the postal strike earlier. Thanks to you and Tomas for the great contribution to this thread and Merry Christmas to all. John

To: Timelord who wrote (428)	12/23/1997 5:12:00 PM
From: Tomas	Respond to of 2742

Alex, thank's for describing how the tender process works in North America, that sounds like a very smooth process. The forced buyout Sands talked about probably only concern those opting not to participate, the active no-voters? Not even the guy who wrote the prospectus could give me a clear answer to these questions. I'm still trying to find a convincing explanation to why IPC is trading so much higher in Sweden, it all started last thursday = 3 trading days before the offer expired... Something happend an hour or two after trading started on TSE and Nasdaq, since then IPC have been behaving like two unrelated stocks in Sweden and North America. There must be a logical explanation, a 13-20% arbitrage without any risk involved, I just can't believe it. The market is often irrational, but IPC, IRP and IRPPF is one and the same company. Beats me.