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re: [sharechat] flp - ffs

From:	Murdoch Dryden <murdoch@arrowham.co.nz>
Date:	Wed, 31 May 2000 16:34:05 +1200

Hi Les

I agree. The value of the NZ dollar and the current valuation of Fletcher 
stocks against a background of good commodity prices (they are probably 
peaking in their cycle) make them a good target for corporate activity. 
have taken a strong position in building and forests but risks lie in 
Fletchers ability to complete the sale process. Indications are that they 
are committed. The departure of the FFS CEO, a proponent of simply 
restructuring FFS, is an indication of this committment.

Issues lie with the time frame and the value of the final sale. FFS is 
apparently first on teh block. I have heard valuations between .95c and 
$2.00.

There are those who aren't so positive, (see FFS valuation, an earlier 
thread).


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