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Re: Re: [sharechat] Mike Hudson - awaiting your update on FLB

From:	"Warner Lamb" <cloud9@i4free.co.nz>
Date:	Wed, 6 Sep 2000 15:50:09 +1200

Mike, Ive just read the Fletcher FFS report which arrived yesterday. My Q is
why is their so much concern about the debt problem at FFS. I read that Debt
to equity ratio now stands at 35%,down another 2% this is below the world
industry average of 50%. Why then is there so much focus on this when NTA
has increased to $1.67cps, which is after Liabilities and Intangables? Is
this because the books are overvalued and hence the realisation of assets
may be lower, therefore increasing real debt to equity.
Thanks in advance.
Any ideas as to how "overvalued" they may be given a near 50% discount to
NTA. Still seems over discounted to me.
Warner


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