GREY:HRIVF - Post by User
Post by
bart_dcon Aug 23, 2011 11:05am
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Post# 18970669
misleading PR wording
misleading PR wording
the wording of the PR that was sent out by Severstal is misleading, claiming they bought at a discount.
the shares were accumulated over period of several months.
What would be the premium if they used the year to date average? Indeed then it would be more than 9% premium.
But they rather discourage current and future shareholders.
Unethical and pathetic.
UPDATE 1-Severstal unit ups stake in High River Gold Mines
Tue Aug 23, 2011 2:33pm GMT
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Aug 23 (Reuters) - Russian steelmaker OAO Severstal's unit said it bought 1 percent of High River Gold Mines at a discount, sending the Canadian miner's shares down 3 percent on Tuesday morning on the Toronto Stock Exchange.
Nord Gold N.V. bought 8.2 million shares of High River at C$1.29 apiece, increasing its stake in the company to about 74 percent.
The purchase price represents an 8 percent discount to High River's Monday close on the Toronto Stock Exchange.
Shares of High River, which is controlled by Severstal, fell to C$1.37 in early trade on Tuesday. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon