Up 66% in 9 months


Last September after returning from Jyske Bank’s annual global investment seminar, Merri and I bought shares in this bank and recommended them to you in a message on September 12. You can see that recommendation at http://www.garyascott.com/archives/2002/09/12/639/ The value of our shares have increased 66% in this nine months. See why below and why they may rise even more.

My financial advisor in Denmark shared the investing information below with me last week:

I just want to let you know of the merger of the Danish Building Society (Savings & Loan) "TOTALKREDIT" with another Building society NYKREDIT. Jyske owns 20.9% of Nykredit and makes a tax free profitof more than USD 200 mill this year.

Jyske Bank has an alliance with NYKREDIT (whichis 6 to 7 times larger than the value of Jyske Bank) and does the IT and their mortgages.

I do not believe in closer ownership with NYKREDIT, but there is continual pressure from banks all over the world, that want to buy Jyske, but it is not for sale or merger. However the management has a responsibility towards shareholders and they might have tobuy something larger to remain independent or sell, if they receive a very attractive offer. You never know what the next news will be. So there is a good potential in Jyske Stocks. Even though they are now worth 66% more than you paid nine months ago they might go higher.

I might add that I have no financial interest in anyone investing in Jyske shares other than as a shareholder myself.

Until next message, may all your investing be good.

Gary


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