And on this score it is doing quite well. Whereas the year-end market value of its investments stood at $19.6 million or $3.59 per share, this is now equivalent to $4.29 per share, President S. R. Horne reported.
Furthermore the company, as of June 15/89, plans to purchase up to 5% of its outstanding Class A shares and 10% of its Class B non-voting shares on the open market. All shares purchased will be cancelled, “thus increasing the proportionate share interest of all remaining shareholders on a pro rata basis,” Horne pointed out.
Despite the lacklustre performance of the gold market, other companies continue to express interest in Tombill’s gold properties. But no acceptable proposals have yet been forthcoming, the meeting was told. The company has no base metal property interests, nor is it moving in that direction.
The company’s investment policy changed somewhat during the past year, the meeting was told, with larger positions being taken in fewer issues. Asked from the floor for a breakdown of its holdings, the meeting was told that it included a substantial position in forestry issues, in a successful helicopter company and in Pine Point Mines.
All directors were re-elected.
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