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

To: CLK who wrote (33)	7/15/1998 11:25:00 AM
From: The Source	Respond to of 90

To: Thomas Miller & CLK From: The Source Re CPMNY no of shares. On page 22 of the 1997 Annual Report it is well explained. There are 137,310,916 foreign shares on a fully diluted basis outstanding. This figure includes 44,219,270 which are owned by CPM's sister company Southern Pacific Petroleum and 18,850,000 restricted shares, which are effectively options issued to Suncor under the joint venture arrangements. If and when exercised Suncor will have to pay CPM A$30.9 million to exercise. CPMNY is the American Depositary Receipt (ADR's). Each ADR represents 2 foreign shares. In theory then, the total fully diluted market cap of CPM in ADR's is 68,655,458. In calculating market cap you have to eliminate the cross interest between CPM & SPP which is 22.1 million ADR's. CPMNY should sell at 2.71 times SPPTY. If is does not it is cheaper. Each share of CPMNY has 247 barrels of shale oil behind it and each share of SPPTY has 91 barrels.