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Gold/Mining/Energy : ALE/TSE Sleemans -- Ignore unavailable to you. Want to Upgrade?

To: paul s. who wrote (48)	1/14/1998 2:55:00 PM
From: woody	Read Replies (1) \| Respond to of 272

Paul .. the deal is bad and the market is letting us know it as ALE has dropped from pre UCB bid of 6.25 - 6.40 to 5.45 to 5.55. I am a believer that this purchase of UCB is motivated by John Sleeman to stay in control of his brewery. There was definitely someone kicking the tires at Sleeman and this was his defence. It is not shareholder value driven but ego driven by John Sleeman. Question: How many shares does he own?

To: paul s. who wrote (48)	1/22/1998 5:02:00 AM
From: AGORA	Read Replies (1) \| Respond to of 272

Good morning, Paul. Sorry for not responding sooner but we have been tied up over here in preparation for our trip to Vancouver this weekend. You make some very good points. As far as we know, this deal has received the approval of most analysts. With respect to capacity, we can't confirm that capacity would be at 100% utility after this deal. We would think not in light of the fact ALE wants to take UCB, which has slowed as of late, and increase those revenues. With respect to flavour, we are under the impression that ALE will keep them as they are but they will be reducing the number of UCB brands currently available. With respect to the label "craft brewer", ALE's share of the Ontario is set to increase to 3% after this deal. Is that too big? Can't say. In our opinion, image is more important than size in keeping that label. For example, Apple Computers grew to be huge but the key to thier success was maintaining the image of "dragon slayer". With respect to the UCB brewery, it is our impression that ALE will own it upon completion and plans to shut it down. Would they not still own it? We think so. Opinions? Paul, your comments don't give us the impression you are "anti-Sleemans". We enjoy your viewpoints because they encourage discussion, which is the very point of this thread. Hope our points trigger more discussion. Regards, Agora International Enterprises Corp. p.s. For those of you who live in Vancouver, we extend the following invitation to meet you personally. AGORA INTERNATIONAL ENTERPRISES CORP Cordially invites you to attend a reception to be held on Monday, January 26, 1998, from 4:00 to 7:00 PM. The reception will be held at the Canadian Pacific Hotel Vancouver at 900 West Georgia Street. ---------------------------------------