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re: [sharechat] fletchers

From:	Mike Hudson <MHudson@placemakers.co.nz>
Date:	Mon, 28 Aug 2000 16:20:20 +1200

FEG has always been considered at being the easiest division to sell or
float. The problem as I understand it is that FEG and FLB are part of the
security for the debt that is attributed to  FFS  so FFS has to go either
first or concurrently or be recapitalised  otherwise the lending ratios will
be compromised.

The Capstone thing brings its own problems, surely no bidder for FEG will
want the Capstone stake at anywhere near its current "value" which may mean
that it will have to be "parked" somewhere until the restricted period is
over.

It will be interesting to see if  we get any further news on Wednesday when
the annual results are released.

Mike  



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