On Friday, June 20, 2003, at 09:18 PM, Robert S.Z. wrote:
Once all shares are taken up, I expect that TGC shares will start rising,
especially if gold falls back to a spot price of $335 or lower.
Of course, it does remain to be seen what TGC will do when the demand for
their shares continues to rise after the initial alloction has been taken
up.
On that point, here is a heart-warming paragraph from the TGC profile on Dbourse.com:
"Stock dilution: as an entity with long-term (decades) outlook, TGC stock will never suffer dilution via excess issue. The frequent careless dilution of "conventional" major stocks is another reason TGC distances itself from the stock market "industry" of the late 20th century. To be specific, TGC covenants that there will under no circumstances be any further stock issue until the original TGC shares trade consistently at 400 grams (four times IPO price) and in any event no new issue within four years (that is, June 2007). Even then stock would only be issued very modestly for the most sensible reasons...in fact, to enhance shareholder value."
So, TGC will not issue any new shares before June 2007, and after that only when the first round of shares hits 400 gg and stays there a while.
-- Patrick
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