Forum Archive Index - March 2000

["hugh webber" <hugh.webber@clear.net.nz>]

I would hate to disappoint anyone but my speculation is that 9% of Genesis
is absolutely dwarfed by the size of FFS and that therefore even a doubling
of Genesis would very little impact on the FFS shareprice. Assuming an
informed
and intelligent market, which may be a big ask. People may just get swept
away
again. In an earlier discussion on FFS I made the comment that I thought I
had seen
media comment that FFS had high debt. This was rubbished by someone else
who said it was FCL Paper who had the high debt. However I have the
sneaking
suspicion that when BIL exercised its put option on the big NZ Govt Forests
in
Central Nth Island (what was it called again) that the debt in taking that
up, which
would have been very considerable, would have logically ended up with FFS.

cheers,
Hugh

----------
> From: Wedde, John <john.wedde@cit.ac.nz>
> To: 'sharechat@sharechat.co.nz'
> Subject: RE: [sharechat] Genesis R&D - FFS
> Date: Tuesday, 7 March 2000 14:29
> 
> Further to my earlier message here is info received from Mark Harris,
> Manager, Investor Relations at Fletcher Forests:
> 
> "FFS owns 727,000 Genesis shares, or 9% based on the shares on issue at
> Dec98.  As a % this has probably dropped slightly this year, diluted by
> Genesis staff options, but I'm not actually sure what shares they issued
in
> 1999.
> The book value of the investment has not been disclosed.  Sufficient to
say
> its well below market.  The shares were purchased at the time we started
> funding the Radiata gene-mapping work by Genesis around 1995, and are
just
> held at cost."
> Whether 9% is a significant holding I guess depends on, amongst other
> things,  the relative size of this parcel compared to other major
> shareholdings. It would be interesting to know also whether Fletchers
will
> be increasing their stake when Genesis list on the main board. I didn't
ask
> this question but doubt, if I had, that I would have got a definitive
> answer.
> Cheers
> 
> 
> John Wedde BCA, MA, Senior Lecturer, Business Communication
> Programme Leader, NZ Diploma in Business
> Central Institute of Technology
> Box 40 740 Upper Hutt, New Zealand
> EMail: John.Wedde@cit.ac.nz <mailto:John.Wedde@cit.ac.nz> 
> Phone: 5276397 EXT. 6747 Mobile 025843729
> 
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