Forum Archive Index - October 2000

[Derek <dkw@paradise.net.nz>]

Hi Brian, Tony et al.

Thanks Tony for the comments, fair enough. I didn't buy because of rumour
though.

Brian, No it is still one of my picks (but given the recent fall, what
would I know?). I still hold FFS, sold quite a few on the way down (71c).
FYI I will trickle some money back in over the next week or two as long as
they remain less than 70c. If as according to the Herald recap gives them a
NTA of about $1.25, then going by the price/NTA of EVF, FFS should be about
82c all else being equal (which is a gross approximation).

Going by the email I got from FFS investor relations, I don't think FFS
will keep shareholders informed other than once it is all over bar the
shouting, reasons of commercial sensitivity etc.

Bye,

Derek


At 09:36 AM 07/10/00 +1300, you wrote:
>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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>
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