AOR Takeover Play, page-2

I consider present position a "catch 22" for Placer Dome. Should PDG increase their bid it will most likely result in a further sell down of their shares which reduces any prospective premium they may offer AOR shareholders.

Barring a bid from another party, the only hope for takeover to go through would be a surge in the Gold price which results in a surge in the PDG share price.

S & P index changes are effective at the close of business on 19th July 2002. Best chance of a rally in PDG share price after this date when the selling by funds tracking this index would have subsided.