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Gold/Mining/Energy : HARMONY GOLD MINING -- HGMCY -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (248)7/25/2002 1:33:26 PM
From: Frederick Langford  Read Replies (1) | Respond to of 271
Harmony Story on possible short squeeze.

A brief joint-statement issued this afternoon said another 4.8 million of Simane's Harmony shares had been made available to a scrip lending pool and where to be returned to Simane by November.

This effectively means Khumalo was lending Simane's Harmony stock - which he was precluded from selling or encumbering - to traders who had short sold Harmony shares (sold shares they did not own). He will now have to call in his loans and return the stock within two weeks, according to the agreement brokered by the government. "Subsequent to the discussion held between the representatives, it was agreed that within a period of 14 days the total amount of 10.8 million shares should be returned to control of Simane," said the statement.