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Gold/Mining/Energy : Central Pacific Minerals & Southern Pacific Petroleum -- Ignore unavailable to you. Want to Upgrade?

To: PKFVA who wrote (19)6/15/1998 3:08:00 PM
From: Thomas M.  Read Replies (1) | Respond to of 90
 
I've noticed that CPMNY consistently trades at a significant discount to SPPTY. The conversion ratio is 2.7 ADRs of CPMNY to 1 ADR of SPPTY. That would put CPMNY's current price around 8, but it is actually trading at 7. It seems CPMNY is the one to buy, at least right now.

Since this is such a long-term play, I was looking for a bear market in oil as a buy-in point for CPMNY/SPPTY. I'm starting to get interested right now. Stage I is supposed to come online in February '99, so that seems like a nice target date for a news event.

Tom



To: PKFVA who wrote (19)7/4/1998 2:04:00 AM
From: Thomas M.  Read Replies (1) | Respond to of 90
 
I looked at the figures in the Wilson report, and calculated their estimated value of CPMNY based only on the Stuart deposit. In 2002, this projects an ADR price of 41. From the current price of 7, that gives an annualized return of 55%. That's a pretty steep discount factor.

Tom


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