Forum Archive Index - October 2000

[Brian Gale <brigale@i4free.co.nz>]

Hi Derek

Hope you're not loosing your faith in FFS, you were such a strong supporter 
in the past. Lets see what happens when we get through Black October.

Regards
Brian

At 10:17 06-10-00 +1300, you wrote:
>Thanks for the post GPT,
>
>The last 2 days with FFS give yet another example of how small shareholders
>can get hit by not having the inside knowledge of others  - a good argument
>for for small shareholders sticking to non-speculative investing I guess &
>maybe moving offshore (Does anyone know if overseas sharemarkets any better
>in this regard?).
>
>Also a brick-bat to Fletchers for keeping everyone in the dark.
>
>Cheers,
>Derek
>
>
>
>
>
>At 10:02 AM 06/10/00 +1300, you wrote:
> >    my question posed yesterday is now apparent  from the following article
> >in the Herald.  A placement would be the easier to arrange  and must be
> >attractive to a US operator given the exchange rate. This would of  course
> >dilute the shareholding with NTA reducing from its current $1.69 to say
> >$1.25 or thereabouts. Still makes FFS an attractive proposition at today's
> >prices. Look out for a rocky ride for a few days as the traders get out at
> >any  cost. GPT   Fletcher Forest price drops as talks fail
> >
> >06.10.2000 - By GEOFF SENESCALL  Fletcher Forests' share price was felled
> >yesterday amid speculation that the  debt-laden company will undergo a
> >major recapitalisation after sale talks  foundered.  Fletcher has been in
> >negotiations with Citic, its Chinese joint venture  partner in the Central
> >North Island Forestry Partnership.  But it is understood that the pair - in
> >dispute over the partnership's  management contract with Fletcher Forests -
> >have been unable to patch up their  differences.  Fletcher is understood to
> >have decided to pull the plug on discussions which  included a sale to
> >Citic.  However, Fletcher Challenge spokeswoman Ginny Radford would not
> >comment last  night when asked if the deal was dead.  A Citic spokesman
> >said earlier that no progress had been made, and it was  moving to a court
> >resolution.  Fletcher Forests' share price yesterday tumbled 6c to 72c as
> >the market  started talking about a possible rights issue. But an
> >alternative is for a  placement of shares to a cornerstone shareholder.
> >Brokers estimated Fletcher Forests would need up to $300 million to shore
> >up  its balance sheet.  Resolving issues around Fletcher Forests is the key
> >to the restructuring of  the rest of the group, which includes Fletcher
> >Energy and Fletcher Building.  Meanwhile, shareholders in Australian oil
> >explorer Petroz have rejected a  proposal that would have handed control of
> >the company to Fletcher Energy.  A meeting of shareholders held yesterday
> >to seek approval for a Fletcher  Energy proposal that would have seen it
> >take at least a 33.7 per cent stake in  Petroz, and underwrite a rights
> >issue, overwhelmingly voted against it.
>
>
>
>
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