Things at Stelly’s are
winding down now. Grade
12 students like me have

less than a week-of classes
remaining. Graduation it-

self is a mere two weeks -

away.

Even though I registered
for my classes at UVic to-
‘day, it’s hard to believe that
my. secondary ‘school. ca-
reer is almost over.

Like: most. graduating
students, I have many
fond. memories of my
time at Stelly’s, but Iam
also more than ready to.
move: on to the next
phase of my life.

For me, that. means en-

tering the Writing program.

at the University of Victoria
and moving into residence.
Other Stelly’s students are

planning to travel, be it to.

Japan; the. Rocky Moun-
tains, or Indonesia.

_ French Immersion: stu-
dents Laura Floyd and Greg
Dingle have been accepted

into the prestigious Page...
Program in Ontario, where...

they. will work ‘as. parlia-

~ mentary: ‘pages: ewhile- at-
_ tending school. | :

Kristel | "Guthrie, | Erin

-. Jones and-Marie. Maratos °
~- “will be spending next: year.
_. in’ England, participating in
_.the:GAP program::-Kristel
“and Erin willbe: working ‘at

a a boarding school. ”
Marie. will be working i in

_.a care facility: for. children

with epilepsy.
‘All of us will be taking dit

Play t the

If you've ever ‘wondered
how to participate in the

‘stock market without as-
~ suming an undo amount of

risk, a convertible deben-
ture may be the answer.
Essentially, this. invest-
ment vehicle combines the
safety of a debenture with

the growth potential of a.
‘stock,

Technically a debenture
is a certificate of indebted-
ness issued by a govern-
ment or a company. The
debt is backed only by the
general credit of the issuer
and is not secured by pledg-
ing of specific collateral. As

worthiness of the company
issuing the debenture

~ should always be at the fore-

front. A debenture is really.

‘an unsecured ° promise. to.

ay aset interest rate for a:
"4 set period of time. ‘
“In addition, the issuing
company ‘promises to repay —

your principal on the matu-

“rity date, If you don't think

the company is good for the
money, don't invest, There
are no fuarantees with this

-a result of this, the credit’. type of investment

Td hate to see
cow-watching
become the most
interesting
subject offered at
Stelly’ Si

Brianna a Nyberg

ferent ‘memories of high s
“school away with us.

‘What we all have'i ‘in‘com

to. ‘say. we “a

Stelly's.
unique ‘place.

Despite that warning,
these can be very attractive
investments, This. is. be
cause a convertible deben-

“ture: also gives you the
right to profit ifthe stock of:
the. underlying company:

" Goepe Al SS “i poe * Ralph Sommartald, F.C,5
- Senior Investment Advisor .
Tl (280) O85- 2868

McDermid.

evar e

9764 ith stra, unit? Sciney

_ classrooms.

mon, though, is an educa-.
tionata. vibrant,: diverse
“ $chool that most of us ‘hav
been: proud

4 tend.

‘enthusiasm for. and success
in academics would have:
been significantly less had Ii
“not been involved in: these’

is. definitely a
Students
watch, cows ‘grazing from

the windows of their French
Corn ripens
beside the tennis courts. A
miniature horse named
Lancelot. greets drivers

. from his paddock next to

the parking lot.
In keeping with the pas-
toral atmosphere, violence
is minimal. Our. student

body is generally charitable
ve and. empathetic, as our

numerous and successful
awareness. campaigns,
fund-raisers and commu-
nity. service: programs
have proven.
Stelly’s does have its
problems, of course.
Most students and parents
are aware that Stelly’s may
be subject to cutbacks next

year. The ‘details haven’t
been announced to the gen-:

eral student body. _Many of
us’ have. heard, however,
that some of our most ener-
getic and valued teachers
are facing the possibility of
losing their jobs.. Rumors
run rampant. of possible
cuts..to so-called ‘extras’

- such as fine: arts, applied.
‘skills and languages. *

Some of you may support

‘the theory. that good old
reading, writing and ‘rith- ’
“matic are the only things ~
=. that ‘students really need to.

be taught. Lbeg to differ. : a

so-called ‘extras’. I might

While not. commenting

-on the suitability of this

debenture, it.is interest-

ing to look at a MacMil-
~Jan Bloedel issue as an

example,
They have a five per cent
debenture outstanding, »

which matures May 1, 2007.
For every $100 of the
debenture, the holder is en-
titled to convert into. 3,493
common shares of MacMil-
lan, This implies an exercise
price of $28,625 (100 di-
vided by 3,493). With the
stock. currently. tr ading at

» °$90,10, this conversion is.
~ Not currently worth much.

But to illustrate the point,

let's say the stock went to

$35, This debenture would

then. be worth at least
$122.25 ($35 times 3,493),

“What's. important, of

» course, is that regardless of

: high school in September.

@ But they urge the public to ensure rumored cuts don’t erode essential elements

even have hated school. I
certainly wouldn't have
gained the confidence |
need to pursue my dream of
being a writer.

As I near graduation, I re-
alize that most of my good
memories of school are of
the time I spent participat-
ing in extra-curricular activ-

ities and elective classes — —
the very things that are -:

trembling under the threat

of sacrifice to. the Cutback -

Gods. As parents, students
and community members |
urge you to help prevent
this: Write a letter to our
Minister’ of... Education.
Write a letter to Glen
Clarke. © Write your son,
daughter, niece, nephew,
grandchild or neighbor's
Japanese, music theatre or
mechanics teacher a letter

-of support. Be aware of the
government's financial de-

cisions so you can support.

‘them when they allocate -

more money to education,
and fight them when they
don'’t.:-

Most importantly, don’t

forget that youth are the fu- ©
ture of this country. aon
“We need a well-rounded .
education to help us be con-
- scientious, contributing ci
-izens. I got that education.’
I want my sister to have that

education: when she’ ‘start

-T'd hate to see : cow-watch-
ing become the most'inter-

esting subject offered at ~

Stelly’s. Wouldn't. you? —

stocks, but take fewer risks |

does well.

what happens to the stock
you would be paid the five
per cent interest. In addition
to that, you can buy the

‘bond today for. approxi-.

mately $93. .
Given that the bond will

mature at $100, the actual

yield to maturity, without

“ever exercising the conver-
sion right, is approximately

6.56 per cent,

Although » MacMillan
Bloedel was used to illus-
trate the mechanics of a
convertible debenture,
there are many issue avail-
able. Some of the more fa-

miliar names include Bell:

Canada International, Bom-
bardier, Hudson's Bay,
Canadian Western Bank,
and the list goes on,

While not risk free, these

types of investments may
have a place in your por tio:

Tio, .

MARK MCMAHON, CFA
Vice President & Fixed Income Strategist
FREEDOM PLUS FIXED INCOME
MANAGED PORTFOLIOS

($100,000 MINIMUM INVESTMENT REQUIRED)
Learn ,
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RSVP: Karen King (250) 655-2300

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Call for more information: 592- 248

‘Keith Stewart.

Thom Thompson, President & CEO of the Insurance» —
- Corporation of British Columbia (ICBC), Is pleased
to announce the appointment of Keith Stewart to
Assistant Vice President, Vancouver island, An ICBC
team member for 17 years, Mr. Stewart will be
responsible for maintaining quality service through-
“out the region across all lines of business: Driver °°
Services, Insurance Services, Road Safety Services,
Commercial Vehicle Services and Claim:Services. =.

in response to community needs, ICBC has made
significant operating Improvements over the past
year, Investments in customer service ‘and public
road safety have helped ICBC freeze rates for the -

fourth consecutive year, returning $47 million to
policyholders as a Road Safety Dividend. The new...
Assistant Vice President positions are designed to

~ ensure the quality of service conmnues to Improve

across all regions.

ICBC is a provinelal Crown Corporation established
in.1973 to. provide universal auto Insurance to :
BC motorists. After a merger-with the Motor Vehicle
Branch in 1997, ICBC assumed responsibility for.

most driver and vehiclo-rolated services. ICB BGS
mission is to help British Columblans take the risk: fee PEE
out of road transportation by providing effective.
‘and rollable auto insurance, as a ‘aS safely and. o
auto atime programs. : WEP ONh :

Sa in da I al PR il i A PA NO Pg