EMPEROR MINES TO FLOAT GOLD INVESTMENT COMPANY
Fiji gold miner <Emperor Mines Ltd>
said it will float a gold investment company in the Isle of Man
to be known as <Odin Mining and Investment Co Ltd>.
    Sixty pct of Odin's 51 mln issued shares will be offered to
Emperor shareholders on a one-for-one non-renounceable basis at
1.20 Australian dlrs each, it said in a statement.
    Each share will carry a free option exercisable at the same
price up to March 1992.
    Odin in turn will be allotted a 10 pct stake in Emperor at
6.06 dlrs a share against the market level of about 7.70 dlrs.
    Odin shares will be listed in Australia and New Zealand.
    Emperor said Odin's chief activity would be strategic
investment in emerging gold companies and projects.
    Emperor's 22 pct stake in Australia's <Nullarbor Holdings
Ltd> and 10 pct stake in Canada's <Osborne and Chappel
Goldfields Ltd> will be transferred to Odin at substantial
discounts to their market prices, it said.
    The offer will not be available to shareholders registered
in the U.S. And Britain in view of compliance costs, it said.
    But David Kingston, of advisers <Rothschild Australia Ltd>,
told Reuters those few shareholders were being urged to switch
their registrations to an Australian nominee.
    Kingston said about 65 to 70 pct of Emperor's shareholders
are domiciled outside Australia, but the vast majority are
registered through Australian nominees and are thus entitled to
participate.
    Stockbroker <Ord Minnett Ltd> will underwrite the issue,
Emperor said.
    Odin shares are expected to be listed in May, it added.
    Emperor changed its domicile to the Isle of Man from
Australia last October because of changes in Australian tax
laws that would affect its tax position, even though it has no
activities in Australia.
 REUTER
