ECHO BAY MINES LTD

2002: A merger with Kinross and TVX

The record for Echo Bay Mines, an Edmonton-based company listed on the American Stock Exchange, the Toronto exchange and European exchanges, begins in May 2002. On 17 May the American Stock Exchange certified its securities for listing, clearing them to begin trading.

The main event came on 16 July 2002, when Echo Bay filed a preliminary proxy (the document sent to shareholders before a vote) for a three-way plan of arrangement with Kinross Gold and TVX Gold. Echo Bay shareholders would receive 0.52 of a Kinross share for each Echo Bay share, or 0.1733 if Kinross consolidated its shares one-for-three. Echo Bay would become a wholly-owned Kinross subsidiary. Newmont held about 45.2% of Echo Bay's common shares and Kinross about 10.6%. Other former Echo Bay holders would own about 14% of the combined company, and Newmont about 14.6%.

The deal valued Echo Bay at about US$550 million, at US$2.185 per Kinross share. The board, on the unanimous recommendation of an independent committee, recommended voting for it. It needed 66 2/3% approval at a special meeting, approval at the TVX and Kinross meetings, and a final court order. Completion was expected in the fourth quarter of 2002. The meeting date was still blank.

2003: Delisting and deregistration

The record for the next several months is quiet. In February 2003, Echo Bay's securities were notified for removal from listing and registration on its exchange. On 12 February the company suspended its duty to file periodic reports with the US Securities and Exchange Commission.

The same pattern repeated in November. On 20 November 2003 its securities were again notified for removal from listing and registration. On 26 November the company terminated the registration of a class of securities, ending its reporting obligation for them.

By that date, the beats show Echo Bay stepping away from public-market reporting. They do not record the outcome of the shareholder votes or the closing of the arrangement.