Have not traded DRD for over two years now. This post from Kitco may be of some interest to those who follow.
(http://www.kitcomm.com/cgi-bin/comments/gold/display_short.cgi)
"Date: Wed Mar 16 2005 06:26
Apollo (DROOY - cont.) ID#11540:
Copyright © 2002 Apollo/Kitco Inc. All rights reserved
I spoke to Doug Fincher @ CIBC yesterday - he is an institutional trader & the only trader who makes a market in the $66MM 6.00% CNV Drooy Bonds due 12/12/2006. The bonds are tightly held - no ISIN number & don't trade publicly. He said they have not traded since before the stock took its latest hit. He had a bidder @ 78 that did not get hit - bid was for $20MM face ( 78 would be a trade of $15.6MM on $20MM face ) . Overall, he said the debt was trading such to indicate an enterprise value for DROOY @ about $250MM - just the value of the Auzzie assets. With total Drooy debt at about $300MM, that would mean the common stock being bantered around is in vapor-land. I asked him whether their were any discussions between the company & the bond-holders about a negotiated conversion. He said he was not able to deny/comfirm, then offered "there had better be". Personally, if I were a bond-holder, I would not take conversion here - would rather see the slate wiped clean & get rid of the trash on the bottom & have a clean hold on the good collateral - ie. force a bankruptcy. FYI"
DRD
drdgold limited
