Forum Archive Index - December 1999

[Chris Darby <darby@ak.planet.gen.nz>]

Henry,

Franklin Resources has been a major seller in the last month.  Their 
holding is now below 5% and share price appears to be stabilising at 
1.15, a long way south of the 1.84 FCC stock swap deal.  National Mutual 
appears confident to buy at these levels and may well have assisted 
Franklin's exit last week.  ABN Ambro has it as a BUY in their November 
newsletter although their valuation of 2.05 looks optimistic.  Big 
question is, are we really at the bottom for this particular commodity 
cycle.  Most commentators, here and overseas, say yes but of course these 
utterings have been made for some months now.  The issue of debt remains.

All things considered I have been buying in the last 2 weeks on the back 
of Franklin's disposal.

Chris


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