Frage an Sovereign und TFischer zu TVX - 500 Beiträge pro Seite

[grisu5]

mich würde eine Analyse von euch über TVX sehr freuen,da Ihr euch meiner Meinung nach in dem Markt sehr gut auskennt.
Wie seht Ihr die Wahrscheinlichkeit ob das Griechenlandprojekt jemals startet und was passiert mit der 250 Mio US $ Wandelanleihe die im März 2002 fällig wird.
Ist TVX zur Zeit überbewertet?
Vielen Dank für die Analyse.
grisu5

[grisu5]

Hi,ich habe heute zwei Antworten auf meine zwei Fragen von
TVX bekommen.Da ich nicht so gut englisch kann wäre es nett,
wenn mir einer den Text übersetzen könnte.Vielen Dank.
Als erste Frage interessierte mich, was mit der 250 Millionen US $ Wandelanleihe passiert.
Antwort: The goal is to deal with the notes shortly. The negotiations ongoing this week are an attempt to come to a
resolution to the notes issue. I really cannot say much about the options available. We have said publicly before
that we would consider selling our existing producing operations in the Americas and use the proceeds to settle
the notes. That would leave TVX with cash and the all of
Greece. This is an option.
Die zweite Frage ging darum wann die Mitteilung kommt ob das
Griechenlandprojekt startet oder nicht startet.
Antwort:We are waiting for the final judgement from the Couseil d`Etat before moving forward with the development of
Olympias. The initial recommendation from the reviewing Judge was in favour of the development of the project. Once
we have that judgement in hand, then we need to obtain a forestry and construction permit before construction can begin. It is not expected that it will take long to acquire
these permits. Hopefully construction can commence during the second half of this year.
grisu5

[TFischer]

News zu TVX

TVX Gold founder set to resign
His departure in April likely before firm finds a way to avoid huge equity dilution
Allan Robinson
02:11 GMT-05:00 Saturday, March 10, 2001



TORONTO -- Eike Batista, the founder of TVX Gold Inc., will resign as chairman and chief executive officer on April 1, making it likely he will step down before the company finds a way for shareholders to avoid being hit by a massive dilution.

TVX said yesterday that "to date, no solution has been found, which would resolve" the payment of $234-million (U.S.) worth of gold-linked convertible notes outstanding. The notes are scheduled to be retired in March, 2002.

For seven months, a special committee and TVX`s financial adviser, NM Rothschild & Sons, have been studying TVX`s financial options and trying to strike a deal acceptable to both the common shareholders and the noteholders. The notes are convertible based on the market value of the shares.

The shares of TVX fell 2 cents (Canadian) yesterday to $2.37 each on the Toronto Stock Exchange, putting a value on the company of $84.7-million.

The special committee is scheduled to complete its work by the end of the month.

"This is not a situation of financial distress," said Sean Harvey, who will become the new chairman and chief executive officer. "TVX is financially strong. It is able to make all of the interest payments on the notes."

Mr. Harvey, an investment banker, said the company has a year to strike a deal with the noteholders or the notes could be converted into common shares. He has been a financial consultant to TVX for more than five years.

"The new management team and board will look at any and all options," he said. That could include the sale of assets or finding joint venture partners for the company`s two gold and copper projects in Greece. The Olympias project in Greece is estimated to cost $258-million (U.S.).

Mr. Batista, TVX`s largest shareholder with a 10-per-cent interest, is also resigning from the TVX board of directors along with Nigel Lees and Ian Rugeroni. Another director, Paul Soros, resigned on Feb. 23 and was replaced by Mr. Harvey.

Mr. Batista could not be reached for comment. In a press release, he said the time is right for changes in management and the board "so that each can be leaner and more focused going forward."

The decision to step down was made by Mr. Batista, Mr. Harvey said. "I think it`s a recognition that there is a different skill-set needed at TVX going forward."

A group of dissident shareholders, who have been trying to nominate their own slate of directors at TVX, said yesterday that they are reassessing their options in light of the board changes. TVX has blocked the group from calling a special shareholders meeting.

TVX had a profit for the year ended Dec. 31, 2000, of $12.4-million, compared with a loss of $47.6-million a year earlier. The loss during 1999 included a $64-million asset writedown. Its revenue was $170-million, compared with $163-million.

TVX produced 208,000 ounces of gold and 2.8 million ounces of silver in 2000. TVX said its average cash cost of producing an ounce of gold was $178 an ounce.

Copyright © 2001 The Globe and Mail


Zur andauernden Unsicherheit des griechischen Projektes noch obige Nachrichten! Da wundert mich der Kursverlauf nicht!

Gruss

TFischer