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Microcap & Penny Stocks : FMA / FracMaster -- Ignore unavailable to you. Want to Upgrade?

To: jsavage who wrote (161)	4/30/1999 11:43:00 AM
From: blue_chip	Read Replies (1) \| Respond to of 233

Globe says Balm draws fire for Fracmaster bid Fracmaster Ltd FMA Shares issued 47,888,492 Apr 27 close $0.50 Fri 30 Apr 99 In the News The Globe and Mail reports in its Friday, April 30, edition that the battle for Fracmaster heated up yesterday as the Houston rival buying the company ridiculed a last-minute counterbid by former chairman Alfred Balm, saying Fracmaster's bankers rejected a similar deal it advanced last month. The Globe's Steven Chase writes that UTI Energy says Mr. Balm's bid is "absurd." Late Tuesday, it was disclosed that UTI had executed a deal to buy Fracmaster's assets for an undisclosed sum. Separately, a United States investment fund yesterday joined Mr. Balm's bid to prevent assets from being sold to UTI, offering to invest $5-million (U.S.) if his plan succeeds. Mr. Balm will be in a Calgary court today to try to stall UTI's purchase of Fracmaster assets, which were supposed to go before a Court of Queen's Bench judge for approval. Mr. Balm's lawyer says Mr. Balm and other shareholders are planning to ask the court to hold off making a decision for about two weeks so Fracmaster lenders can consider the counter-bid and additional support can be mustered. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com