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   Gold/Mining/EnergyIMARK Corporation (IAK was Durkin Hayes DHP)


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To: Pierre J. LeBel who wrote (8)3/2/1998 1:51:00 PM
From: DANIEL
   of 57
 
PIERRE, SORRY I HAVEN'T BEEN IN TOUCH OVER THE PAST few days. The shares were purchased from algonquin at 67 cents per share. Alqonquin claims that the transaction was unsolicited. This is an encouraging piece of news for DHP shareholders as it has brought a new party to the table who is most likely interested in taking over, or at the very least exerting control, over DHP. The best way for the buyer to get a foothold in the company was obviously to buy share from a contol person. Algonquin has made two acquisitions since they took their position in DHP and their cost of DHP shares is probably about 55 to 60 cents per share (with some of those purchases being paid for with shares). There is no doubt that DHP has not performed the way Algonquin expected and this was an opportunity to take some of their money off the table at a profit(they probably recovered at least all the money they paid in cash for the DHP shares) and therefore have some cash to invest in their new business.

The bottom line is that there is a strong likelyhood that the purchaser of the shares will make a TOB in the next few months. Based on canadian securities laws, they would have to make an offer of at least 67 cents a share in cash. Before that may happen, though, DHP 1997 results will definately be out. Lets hope the results don't scare this new investor away.

Regards,

Daniel

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To: DANIEL who wrote (9)3/2/1998 3:22:00 PM
From: Pierre J. LeBel
   of 57
 
Thank you for the information.

Have a very nice day.

Pierre

PS - Would you know if the buyers are related to Qwerty Learning Systems (operating as Academy of Learning)?

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To: DANIEL who wrote (9)3/5/1998 8:32:00 PM
From: Pierre J. LeBel
   of 57
 
Something is cooking...

Trading has been unusually heavy in DHP in the last week or so with the price more than doubling from the .20 low of two weeks ago. Most of the buying seems to come from Midland and Nesbitt.

If a takeover is announced at .67 within the next few weeks, the stock is still a bargain at the current price of .45, offering a quick 50% net profit. (AM also jumped 15% from $ 4.50 to $ 5.25 in a week!!!)

Any comments?

Have a very nice day.

Pierre

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To: Pierre J. LeBel who wrote (11)3/5/1998 11:55:00 PM
From: Bron-y-aur
   of 57
 
pierre, something may be cooking

spoke to dhp mgmt yesterday and they have not had any contact with company who bought private placement from alonquin. for sure there is excitement about the new packaging on some of the audio line, and also some strong interest by some us retailers in same which is contributing to share price increase. another factor could be sentiment that harlequin romance series should be a winner especially at the price point of $7.99 (in us i believe) for a double cassette package.

swamp critters off to slow start, but am told that this is how characters like Barney started out - takes time. apparently jc penney will have some swamp critters merchandise offered in their christmas catalogue.

re take over - like the rest of you folks, cant help wondering why the pp was at .67 rather than buying slowing on open market for less. maybe the difference is a drop in the bucket for the buyer and couldnt be bothered?? anyways would think that we should float up to at least .67 soon. think what may be keeping it back is next q results which may not be great.

sam g

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To: Bron-y-aur who wrote (12)3/7/1998 11:54:00 AM
From: Pierre J. LeBel
   of 57
 
"... should float up to at least .67 soon."

WOW! Talk about an understatement!

DHP rocketed 76% last week (from .30 to .53). At that rate, they will "float" to .67 by Tuesday afternoon or Wednesday morning!

Midland and Nesbitt (to a lesser extent) keep on coming with market orders for 10,000 to 25,000 shares at the time: it is almost panic buying! Also, it is interesting to notice the lack of sellers under .65!

Next week should prove to be most interesting if that trend continues.

Have a very nice day.

Pierre

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To: DANIEL who wrote (9)3/17/1998 12:05:00 PM
From: Pierre J. LeBel
   of 57
 
Trading in DHP has been rather quiet over the last week and a half, since the run from the mid 20's to .53.

Any word as to when we can expect earnings to be released?

Have a very nice day.

Pierre

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To: Pierre J. LeBel who wrote (14)3/19/1998 2:52:00 PM
From: DANIEL
   of 57
 
I tried contacting Don Mathewson to try and find out when earnings will be released but I have yet to hear back from him. It is obviously a concern that the year end results have not yet been issued. One possible explanantion is that the company switched auditors a few months ago (itself not a good signal) and it may, therefore, be taking them a longer time to complete the audited statements.

On a more positive note, you may have seen the following release today:

disclaimer

FOR FURTHER INFORMATION PLEASE CONTACT:
Algonquin Mercantile Corporation
Winston R. Ash
(905) 841-4473
(905) 841-2714 (FAX)

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

FOR: ALGONQUIN MERCANTILE CORPORATION

TSE SYMBOL: AM

MARCH 19, 1998

Algonquin Mercantile Announces the Completion of Its Deal
to Sell One Half of Its Interest in Durkin Hayes
Publishing Ltd.

TORONTO, ONTARIO--Algonquin Mercantile Corporation ("Algonquin")
announces that it has closed its previously announced deal to sell
4,750,000 Common Shares of Durkin Hayes Publishing Ltd., resulting
in proceeds to Algonquin of approximately $3 million.

-30-

This news, while expected, is good for two reasons. First, it is good to see that the deal did not fall apart and that there is now a party who is in a position to make a bid for DHP. Second, the fact that the deal closed (and I was not aware that it had not yet closed) will require the purchaser to file a notice with the OSC which will disclose their identity and potentially their intentions i.e. for investment purposes or control purposes etc.(although it may be possible to contact AM to find out the buyer's identity).

Finally, it was good to see Midland pick up a 100,000 shares in one swoop this afternoon and driving the price up eight cents.

Lets hope something happens soon.

DANIEL

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To: DANIEL who wrote (15)3/19/1998 2:58:00 PM
From: Pierre J. LeBel
   of 57
 
Thanks Daniel for the update.

Is it possible to find out if the buyers obtained an option to buy the other 20% of DHP still held by Algonquin Mercantile?

Just wondering.

Have a very nice day.

Pierre

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To: Pierre J. LeBel who wrote (16)3/19/1998 3:18:00 PM
From: DANIEL
   of 57
 
Based upon my limited knowledge of Canadian Securities law, I don't think that they obtained an option to purchase the remaining 20%. Under the Ontario Securities Act (OSA) options to purchase shares are included in the calculation for detemining whether someone has gone over the 20% ownership threshold for definging a TOB. While the buyer could have obtained the options together with the shares, they would not have been able to pay greater than 110%(approx.-maybe 120%) of the market price (average for past 30-90 days) of DHP shares since this is a private transaction (the OSA seeks to ensure that control persons won't be the sole beneficiaries of TOB).

The buyer may have obtained a right of first refusal for the remaining 20% of the shares since this would not be considered in the calculation of shares owne for the purposes of a TOB.

It may be possible to find this out from AM but I'm not sure. I'm also not positive about the foregoing but I am quite comfortable that it is correct. If the buyer did obtain an option a right of first refusal, I'm quite certain it will be disclosed in the OSC filing and probably also in a press release.

I hope the above has not been to confusing.

DANIEL

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To: DANIEL who wrote (17)3/19/1998 5:03:00 PM
From: Pierre J. LeBel
   of 57
 
Thank you. In fact it all makes sense. I forgot about the 20% rule. A right of first refusal would be more appropriate in this case.

Today's trading by Midland, after a quiet 10 days, seems to indicate that we may be near an announcement of some sort.

Thanks again and have a very nice day.

Pierre

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