National Post from Toronto, Ontario, Canada • 6

6 NEWS Tuesday, March 4, 1997 The Financial Post Gulf likely able to take Clyde private OR YEARS, WE LET OUR ENGINEERS MAKE THE IMPROVEMENTS. BY SYDNEY SHARPE Calgary Bureau Chief The Financial Post Gulf Canada Resources Ltd. should soon be able to take British-based Clyde Petroleum PLC private. Clyde's board has recommended that its minority shareholders tender to Gulfs bid. Once Gulf owns 90 of Clyde's shares, it can force the minority holdouts to sell.

After a bitter battle, Calgary-based Gulf won Clyde by a hair just two weeks ago, with 51.4 of the tendered shares. 'That is the magic number 90," said Gulf spokesman John Sparks. "The company is confident it will meet the 90 threshold in the near future. Then we can begin the process of taking Clyde private." Analysts were concerned that Schroders Investment Management, with its 20 Clyde slake, could remain a powerful minority shareholder. Those fears appear to be allayed.

"I don't see any advantage for Schroders to stay," said Merrill Lynch Co. analyst Robert Hinckley. "There's no advantage for them to hold out, other than force a better deal, and there isn't much chance of that at all. Gulf could just wait them out." Schroders led a group of institutional investors who preferred to stay with Clyde- management, rather than accept Gulfs bid. Once the winner was evident in the acrimonious bout, Gulf chief executive J.

P. Bryan immediately sent out the olive branch and encouraged Clyde employees to stay and work with Gulf. This year, we let our accountants do it. 1 9 9 7 Seville STS NET LEASE PRICE Lone Star fund eyeing Canada 3 6 0 3 5 0 0 DOWN BY SUSANNE CRAIG Real Estate Reporter The Financial Post A new Texas-based investment fund has been created by some of the key players in Brazos Fund LP, which made a name for itself in Canada after buying the real estate assets of the now-defunct North American Trust Co. Lone Star Opportunity Fund LP will soon have million to spend on investment in U.S.

and Canadian real estate properties and companies. The new partnership, like Brazos, will be headed by John Grayken, managing general partner. "The markets have changed dramatically in the last few years, but there is still significant demand for risk capital and the opportunity to achieve attractive risk-adjusted returns," Grayken said yesterday. Texas-based Brazos, which is being wound down, first made news in Canada in 1995 when it paid around $550 million for the non-performing real estate assets of North American Trust. In early 1996, it bought a pool of non-performing real estate assets from National Bank of Canada.

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