Es gibt noch value investors! - 500 Beiträge pro Seite

[Sovereign]

Erinnert sich noch jemand an Jipangu?
Ich verfolge diese japanische Investmentgesellschaft schon seit einiger Zeit, da diese bei der kanadischen Cambior (mein zweitgrößtes Mineninvestment) mit 22 % der größte Aktionär sind.
Nun bin ich auf folgende Meldung gestoßen:

Japan`s Jipangu To Become S Africa Harmony Biggest Hldr



JOHANNESBURG (Dow Jones)--Japanese unlisted investment fund Jipangu Inc. is to
acquire a 21% interest in South Africa`s Harmony Gold Mining Co. (HGMCY), the
country`s third-biggest producer, said a mine executive Friday.

Bernard Swanepoel, Harmony`s chief executive, told Dow Jones Newswires the
investment is in two tranches. The first 8.0% interest will be bought by the end of April
and the remaining 13% at a later time.

By buying 8.0% of the miner, Jipangu will become Harmony`s largest shareholder.

The price will depend on the Harmony share price at the time of acquisition, said
Swanepoel, with the figure at current value around $130 million.

"There`s a lot on interest among Japanese investors in gold and there`s no listed vehicle
for this interest. We represent a viable, unhedged producer and Jipangu has ambitions to
become that investment vehicle," said the executive.

He said company strategy wouldn`t be changed and that Harmony was keen to agree a
"standstill agreement to cap further investment (at 21%) for this reason."

Harmony`s share price on the JSE Securities Exchange South Africa rose 25 cents
($1=ZAR7.7395), or 0.7%, to ZAR35.50 in early dealings Friday.

-By Andi Spicer, Dow Jones Newswires; [phone],
[e-mail]

(END) Dow Jones Newswires 02-02-01

0918GMT Copyright (c) 2001 , Dow Jones & Company Inc~200102020918

Ich muß mal mein e-mail Archiv durchforsten: Da Jipangu keine englische website hat, habe ich vor einiger Zeit mit ihnen per e-mail kommuniziert und habe einige Infos zur Strategie der Japaner erhalten.
Wenn ich was finde, werde ich es hier posten.

Gruß

Sovereign

[jeffery2]

Das wird man aber in usa garnicht gerne hören. Da sind ja auf eine mehr scherzhafte Bemerkung des Jap. Ministerpräsidenten vor einer am. Uni vor 3 ? Jahren, die Indices sofort in die Knie gegangen. Ihr könnt Euch sicher noch erinnern. Die sollen us Papiere kaufen und nicht solchen altmodischen Trödel wie Goldaktien. Bin in Harmony investiert, würde mich freuen , wenn das ein bischen Wellen schlägtl.
J2

[Sovereign]

Meine Korrespondenz mit Mr. Akira Nishigaki von Jipangu hat folgendes Resultat ergeben; ich werde zu einem späteren Zeitpunkt nochmal genauer auf Jipangu`s einzelne Positionen eingehen.
Soviel steht jedoch fest: Diese Leute habe eine Vision und es stehen anscheinend reichlich Mittel im Hintergrund bereit, um diese Ziele umzusetzen. Ich verfolge deren Engagement in Cambior nun seit Mai letzten Jahres und bin zum Schluß gekommen, daß des ihnen ernst ist, durch Beteiligungen an unterbewerteten assets einen weltweiten Goldkonzern zusammenzuschmieden:
JIPANGU INC.


CORPORATE SUMMARY

Corporation Type: Private
Founded: June 6, 1995
Address: 3-6-9 Kita-shinagawa, Shinagawa-ku, Tokyo,
Japan
Issued Shares: 1,072,930 shares
Capital: $B!!!!(B $B!!(B 3,132,250,000 (Equiv:US
$28 million)
Major Shareholders: Bull Palace Corporation (70%)
Tamisuke Matsufuji (14%)
Auditors: Chuo Aoyama Audit Corporation
Email: [e-mail] <
mailto:[e-mail]>
Website: www.jipangu.co.jp

CORPORATE PHILOSOPHY

With a belief that the price of gold is about to rise significantly
and that
Japanese investors will be looking for a gold investment vehicle
without
foreign currency risk, Jipangu Inc.$B!G(Bs goal is to become the
dominant,
pure-gold mining and exploration company listed on the Tokyo Stock
Exchange.

The current gold projects of Jipangu$B!G(Bs affiliates have annual
gold
production of approximately 800,000 ounces, and gold
reserves/resources
exceeding 16 million ounces with substantial potential for increasing
the
resource base.

Jipangu and its affiliates have more than 30 gold projects which are
located
throughout North America, Central America and South America, Africa as
well
as the former Soviet Union.

The next step is to use Jipangu$B!G(Bs financial expertise and
access to
low-cost capital to grow the asset base of its affiliates. Through
this
process, Jipangu will increase its equity position in the affiliates
and,
where appropriate, will acquire direct interests in specific projects.

3. PROFILE OF DIRECTORS

Tamisuke Matsufuji - Director, President and Chief Executive Officer

After graduating from Meiji University, Mr. Matsufuji acquired his
business
experience while working for brokerage firms, Nikko Security Co. Ltd.,
Merrill Lynch Co. and Solomon Brothers Asia Ltd. Today, Mr. Matsufuji
is
using his financial expertise to develop and manage a number of
successful
businesses in Japan. In addition to Jipangu Inc., Mr. Matsufuji is a
major
shareholder and managers five other companies in Japan.
Mr. Matsufuji has authored nine books which have sold over 500,000
copies.
His innovative ideas and management philosophy have been profiled in
$B!H(BThe
Economist$B!I(B published in London, England. Mr. Matsufuji writes
a weekly
economic investment newsletter which has over 1,500 subscribers.

During his career, Mr. Matsufuji has developed an impressive list of
friends
and business associates including:

Mr. Masayoshi Hanabusa, President of Hitachi Capital Co. Ltd.
a core company of Hitachi Group
Mr. Tamisuke Watanuki, Chairman of the Japanese House of
Representatives
Mr. Kimiyoshi Suzuki, President of Nihon Shimpan Co.,
a major banking/finance company
Mr. Masayoshi Sugishita, Chairman and CEO of Shinko Securities
one of the major security firms in Japan
Mr. Yasuhiro Yamashina, Professor at Tokai University and a gold medal
winner at the Los Angeles Olympics in judo wrestling

Kazuo Shuto - Director and Chief Geologist

Mr. Shuto graduated with a Bachelor of Science degree from Tohoku
University. His professional career included senior positions at
Nippon
Mining and Metal Co. Ltd., Deep Ocean Resources Development Co. Ltd.
and
Japan Mining Engineering Centre for International Co-operation before
joining Jipangu Inc. as Chief Geologist. Mr. Shuto has considerable
knowledge in the field of mineral exploration. He was invited as
Japan$B!G(Bs
representative at the United Nation$B!G(Bs International Seabed
Authority
Workshop, held in Jamaica in the summer of 1999. Mr. Shuto is
responsible
for the technical evaluation of all Jipangu$B!G(Bs gold projects.

Manabu Kameda - Director and Head of Corporate Planning and
Administration

Mr. Kameda graduated from Kyoto Sangyou University with a Bachelor of
Business Administration degree. Following graduation in 1989, he
worked as
a Corporate Financial Planner for Sumitomo Bank. Mr. Kameda joined
Jipangu
Inc. in 1998 as Head of Corporate Planning and Administration where he
assumed the responsibility for Jipangu$B!G(Bs financing activity and
planned
listing on the Tokyo Stock Exchange. Mr. Kameda became a Director in
August
2000.

David Mosher - Director

Mr. Mosher is the President and Chief Executive Officer of High River
Gold
Mines Ltd. Mr. Mosher graduated from Acadia University with a
Bachelor of
Science degree in geology and has twenty-eight years of direct
experience in
Australia, Canada, the United States, Asia and Africa. Over the past
decade,
Mr. Mosher has been active in the restructuring and refinancing of a
number
of junior resource companies, both private and public. As Project


Manager for Pancontinental Mining, Mr. Mosher led the team that
discovered
the world$B!G(Bs largest uranium deposit, the Jabiluka Deposit in
Australia.

Takashi Matsufuji - Director

Mr. Matsufuji was the owner of the predecessor company to Jipangu
Inc.,
called San-Ai Inc. He is the father of Tamisuke Matsufuji.

4. WHY GOLD INVESTMENTS NOW?

A. US BONDS, EQUITIES AND DOLLAR ARE VULNERABLE TO A COLLAPSE

$B!&(B Foreign investors could become net sellers of US
securities after being
net buyers for 20 consecutive years

$B!&(B US Equities are extremely overvalued according to all
traditional
measurements

$B!&(B US trade deficit and debt levels are at all-time highs

$B!&(B US interest rates are beginning to rise

$B!&(B The US Dollar has fallen sharply against the Japanese
Yen

B. GOLD PRICE WILL INCREASE SIGNIFICANTLY

$B!&(B Gold demand significantly exceeds supply (mine
production plus scrap
metal)

$B!&(B the demand/supply $B!H(Bgap$B!I(B is widening at
an accelerating pace

$B!&(B The $B!H(Bgap$B!I(B has been filled by
$B!H(Bshort sales$B!I(B, using leased gold from
Central Banks, which must be repaid through future gold purchases
and/or
production

$B!&(B The $B!H(Bshort position$B!I(B in gold is
estimated to be 5,000 - 12,000 tonnes
(150,000,000 - 400,000,000 ounces)?various sources

$B!&(B The potential exists for a $B!H(Bshort squeeze of
major proportions$B!I(B!

$B!&(B The current gold price is below the average
$B!H(Bmine production cost$B!I(B
and is, therefore, not sustainable






5. WHY JIPANGU?

$B!&(B Japan is the world$B!G(Bs largest creditor nation

$B!&(B Historically, the Japanese have had the highest
savings rate:
13% versus 1-2% in the US (in the year of 2000)

$B!&(B Japanese Investors prefer traditional investments and
have an affinity
for gold

$B!&(B A collapse in the US Bond, Equities and Dollar could
result in up to
10% of Japanese Savings being transferred into gold investments

$B!&(B Jipangu intends to be the dominant (only)
$B!H(Bpure-gold$B!I(B investment
vehicle listed on the Tokyo Stock Exchange (TSE)

$B!&(B Buying Jipangu on the Tokyo Stock Exchange eliminates
currency exposure
risk for Japanese gold investors

$B!&(B Japanese Investors are accustomed to large multiples
and Jipangu should
command a substantial premium on the TSE

$B!&(B Tokyo could become the world$B!G(Bs largest gold
market with Jipangu being
the main gold investment vehicle



6. IPO SHARE PERFORMANCE

Companies which are dominant in their sector are strongly supported by
Japanese investors and command large price-earnings ratio multiples.
Examples of recently listed companies (IPO$B!G(Bs) on the Tokyo
Stock Exchange
which are dominant in their sector are:


Company Price/Earnings Ratio % Gain Timeframe
Yahoo Japan 1829 3700% 22 mos.
Hikari Tsushin 374 3000% 19 mos.
Softbank 275 1100% 20 mos.
Goodwill Group 669 260% 2 mos.


JIPANGU$B!G(BS GOLD OBJECTIVE

Jipangu plans to be very aggressive in the gold industry and become a
Top 10
gold producer within 5 years. The initial objective is to produce in
excess
of 2 million ounces annually before the end of the 5 year period.

Jipangu$B!G(Bs strategy to achieve this objective is to establish
affiliations
with well-managed, junior and intermediate gold mining and exploration
companies. Jipangu will then utilize its financial expertise and
access to
low-cost capital to grow the asset base of these affiliates.

Jipangu and its affiliates will continue to identify new opportunities
for
acquisition. The final phase of Jipangu$B!G(Bs expansion plan will
consist of a
very aggressive acquisition program targeted at producing companies,
as well
as the acquisition of substantial direct interests in operating mines.


PLANNED LISTING ON THE TSE

Jipangu Inc. is planning to become fully listed on the Tokyo Stock
Exchange
(TSE) during 2001. The TSE listing will provide liquidity for
existing
shareholders as well as access to the required capital for Jipangu to
achieve its gold objective. As an interim step, management intends to
have
Jipangu shares trading on the over-the-counter $B!H(BGreen
Sheet$B!I(B market in
November 2000.


INTERNATIONAL FOCUS

Although Jipangu has an international focus for its gold investments,
it
intends to concentrate its activities in those countries with a gold
mining
history and a stable supportive political system.

An exception to this is Russia. Jipangu forsees a growing economic
alliance
between Japan and Russia and has already established excellent working
relationships. Jipangu is confident that Russia$B!G(Bs economy and
political
environment will continue to improve and Jipangu intends to capitalize
on
the many gold opportunities that exist in this country.

Gruß

Sovereign

[aneises2]

Hallo Sovereign,

es scheint so, daß ich mit dem Aufstocken meiner Harmony Position
am Freitag zum Schlußkurs von 4 1/2 $ keinen Fehler gemacht habe.

Die nächsten Monate werden es zeigen.

Gruß
aneises2

[jeffery2]

Um die Japaner vielleicht etwas besser zu verstehen empfehle ich das Interwiew mit Mr. Ishihara Gouv. von Tokio und der beliebteste Politiker Japans im Spiegel 5/2001, Seite 127 zu lesen.
Auszug: Finanzpolitisch haben die usa Japan ja schon versklavt und uns damit sozusagen eine zweite Niederlage nach 45 zugefügt. Die usa haben sich ein Jahrzehnt lang auf ____Spielereien an den Finanzmärkten konzentriert, gleichzeitig aber ihre herstellende Industrie vernachlässigt. Wer wird denn überleben , falls es zu einem weltweiten Finanzcrash kommt?Doch nur Länder wie J., die nach wie vor eine solide industriellle Basis besitzen.Also doch Substanz und nicht die universelle Dienstleistungsgesellschaft, wo Du mir was verkaufst, das ich nicht haben will und ich Dir dafür die HAARE schneide und mein Freund Dich dann mit der Taxe zur Bank fährt, wo Du Dein vieles Geld anlegen mußt, natürlich an der Börse. Usw. Gibe jedenfalls einen kleien Einblick in die jap. Mentalität und die Möglichkeiten die man ja als großer Gläubiger immernoch hat. Gehe davon aus, das es sich nicht um die Meinung eines einsamen Irren handelt. (W.War II ist immer noch nicht vergessen!!)So passt doch die Handlungsweise der obengenannten Jap. Geldanleger in das Thema. Oder??? Wir haben doch hier Freunde aus Japan gehabt, was sagen die denn dazu???

[howling wolf]

Nach oben, das ist die beste Nachricht seit langem... hw

[Goldhotline]

Hallo Sovereign,

hast Du eine Ahnung wer sich hinter dem Hauptaktionär Bull Palace Corporation (70%) verbirgt?

Die Goldhotline

[Basic]

HARMONY LURES JAPANESE INVESTORS BACK
2001/02/05 (Ronnie Cloete)
Harmony announced today that it has entered into an agreement with Jipangu Inc., a private company incorporated in Japan, whereby Jipangu Inc. has an option to subscribe to 8% of the outstanding shares of Harmony, by no later than 15 March 2001. Jipangu Inc. have undertaken to pay a minimum of R40 a share or a premium of 5% over the 30 day moving average market price for the Harmony shares on the closing date. Jipangu Inc. has agreed to cap its future investment in Harmony to no more than 21% of Harmony’s issued share capital.

“We have seen an increase in interest in gold from the Japanese investment market over the last few months,” says chief executive Bernard Swanepoel. “Japanese institutions do not traditionally feature on South African gold companies’ share registers. It is also an investment region that has been neglected form an Investor Relations perspective. We look forward to expanding our shareholder base in this region.”

[Aktrader]

Habe ich das jetzt richtig verstanden, die Japaner
kaufen bis zu 21% der bestehenden Aktien von Harmony
oder emittiert Harmony etwa neue Aktien an die Japaner?

Ersteres wäre mir natürlich deutlich lieber. Im zweiten
Fall verkaufe ich meine Position.

[Sovereign]

Sorry für die verspätete Antwort:

Wer hinter dem Großaktionär "Bull Palace Corp." steckt habe ich bisher nicht herausfinden können (an der Börse Tokio ist sie jedenfalls nicht gelistet). Jipangu selber gibt sich ebenfalls bedeckt und erklärt in den Pressenberichten immer, daß 1500 japanische Privatinvestoren die Anteilseigner von Jipangu sind. Es kann daher sein, daß die Bull Palace Corp. eine Art steuersparende Zwischenholding ist (möglicherweise auf den Cayman Islands registriert). Das ist jedoch nur eine persönliche Vermutung von mir, da ich mich mit dem japanischen Steuersystem nicht auskenne ;-)
Ich bleibe jedoch dran und werde meinen "Kontaktmann" bei Jipangu noch mal in einer entsprechende e-mail nach der Bull Palace Corp. fragen. :-)

Mehr Infos habe ich aber bzgl. Jipangu`s Beteiligungen gefunden (das japanische Wort Jipangu heißt übrigens "mit Gold gefüllt"; netter Name finde ich). Es bestehen folgende Beteiligungen:

Goldproduzenten:

Cambior 22 % (plus weitere 5 % in Optionen, die allerdings "aus dem Geld" sind)
High River Gold Mines Ltd., Toronto 23,7 % (High River hält übrigens 25 % am russischen Goldproduzenten JSC Buryatzoloto (2 kleinere Minen in Sibirien))
JSC Buryatzoloto, Rußland 14,1 % (direkte Beteiligung der Jipangu)

Goldexplorer (alle aus Kanada):
Claimstaker Resources Ltd. 23,6 %
Eaglecrest Explorations Ltd. 19,5 %
Golden Goliath Resources Ltd. 8,4 %
Intrepid Minerals Corp. 15,4 % (hier ist übrigens ebenfalls High River Gold mit ca. 20 % beteiligt)
Madison Enterprises Corp. 17,2 %

Ich hoffe, daß Euch diese Infos zur Einschätzung der Harmony-Beteiligung von Nutzen sind.

Gruß

Sovereign