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Gold/Mining/Energy CSI Credit Systems CSU.VSE

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To: keith schaefer who wrote (61)	6/4/1999 12:24:00 PM
From: ED BAARTMAN	of 90

I think this offer from the Royal Bank stinks. CSI has huge potential. At a $1.30 this only represents a 30% premium over the recent trading price. I can't believe that management is actually recommending to shareholders to accept it. Feeling very ticked off and betrayed, Ed B.

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To: ED BAARTMAN who wrote (62)	6/4/1999 12:42:00 PM
From: keith schaefer	of 90

Look at Bunting Warburg buy the daylights out of this - risk arbitrage. They buy a huge stake, go to the Royal Bank and say, hey, give us $1.50 for the stock and you win, otherwise, you lose. It ups the stakes a bit, as it may force Royal to up the bid, but if the Royal does walk and say no way, that stock will come back immediately, no mercy, market order, out, gone.

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To: ED BAARTMAN who wrote (50)	6/4/1999 3:32:00 PM
From: keith schaefer	of 90

Now you see the Royal Bank cluing in. See RBC Dominion Securities bidding for 100,000 at 25, they don't want to lose stock to these arbitrageurs. I think the law says they're allowed to buy something like 10% of the stock in the open market or something, but not quite sure on that.

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To: keith schaefer who wrote (63)	6/4/1999 6:57:00 PM
From: ED BAARTMAN	of 90

Do you think Bunting Warburg can buy enough shares to hold that kind of a control position? Ed B.

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To: ED BAARTMAN who wrote (65)	6/4/1999 7:15:00 PM
From: Stephen O	of 90

They bought 325,000 shares today @ $1.245 avg, almost 3% of total o/s

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To: keith schaefer who wrote (59)	6/4/1999 11:34:00 PM
From: Stephen O	of 90

Keith You left out the fact that CSI is now supplying terminals to MacDonalds, the Big-Mac purveyor. Terminals are installed in several MacDonalds in British Columbia and they hope to have McCash cards on the market soon. Think of the transaction fees possible there. Right now the terminals are for Debit card processing.

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To: keith schaefer who wrote (59)	6/5/1999 8:40:00 AM
From: Ally	of 90

Keith, I'm of the same thinking as the article in this weekend's NP. CSI is just at the verge of getting the Ernex system well known with major retailers. The stock is just about to blossom. Royal Bank knows this, and is attempting to get the technology for a "song" before the stock takes off. Obviously, if Royal is willing to pay $1.30 for the company, it is worth more now that CSI is in the limelight with their Ernex system, I think there will be other suitors should this one fails. I'm willing to risk my miserly 5,000 shares and not sell to Royal for a "bird feed" amount of $1.30. The $2.00 mentioned in NP is more like it!

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To: Ally who wrote (68)	6/5/1999 9:24:00 AM
From: Stephen O	of 90

Ally et al The Royal Bank obviously wants to use the system. If they had announced their intentions, or even just part of them, the stock would have gone up to $1.50 - $2 on the announcement alone. Is this a case of Eastern bankers attempting to put a fast one over on simple Vancouver brokers and their clients?

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To: Stephen O who wrote (69)	6/6/1999 11:58:00 PM
From: ED BAARTMAN	of 90

"Is this a case of Eastern bankers attempting to put a fast one over on simple Vancouver brokers and their clients?" Yes, as well as the management of CSI. Ed B.

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To: ED BAARTMAN who wrote (70)	6/7/1999 12:47:00 PM
From: keith schaefer	of 90

This is no small acquisition for the Royal Bank. CSI's technology will be a key cornerstone in the post failed-merger bank world here in Canada. Why else would they want to own it? Why not make a couple small purchases, test the technology for a few months. They know what it's worth, and they don't want other banks to have it. They are going to use ERNEX to steal as much terminal business from BMO and CIBC et al as possible.

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