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SRI 1.2¢

sipa-good bid depth on close

  1. Ajax

    5,030 posts.
    Have followed this gold miner closely over the last 2-3 months.

    The buying interest was strong on the close today- 304.8T bid at 23.5/ 91.5T ask at 24.5 (last traded at 23.5)

    There are 205,320,951 shares on issue, giving Sipa a market capitalisation of about $48m.

    Sipa's cash holdings at 31 December 2002 were $9.3 million.

    The company is currently mining at its Waugh deposit at Paraburdoo. The Waugh Gold Mine is expected to generate a surplus of $6 million for Sipa during the 6 months to 30 June 2003 and a further $14 million for the 6 months to 31 December 2003.

    Sipa has forward sold 27,798 ounces of gold at an average price of A$615.68 and stands to receive similar historically high prices for remaining production if the gold price remains strong.

    Late last year Sipa shareholders approved a capital return on the follwing terms: -

    a) a fixed amount per fully paid ordinary share, as determined by the directors, to be made pro rata to the number of fully paid ordinary shares held by each shareholder on the register at 30 May
    2003; and

    (b) a fixed amount per fully paid ordinary share, as determined by the directors, to be made pro rata to the number of fully paid ordinary shares held by each shareholder on the register at 30 September 2003;

    not exceeding in total an amount of 5c per share.

    Ajax

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