Forum Archive Index - October 2000

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

Hello Mick

               Don't mind you butting in at all - that's what Sharechat is 
all about.

  As far as FFS is concerned IMO nothing has really changed, there have 
been constant rumours and counter-rumours and very large sales going 
through, but I still go by an earlier statement by Fletchers which 
mentioned a December date for finalisation.  The whole market is down at 
present which is seasonal to a degree but is also attributable to a 
nervousness which is a hallmark of our marketplace, tending to create panic 
selling.  Should pick up in the next month or so as bargains are apparent.

FFS is a speculative share but the fundamentals are sound and I believe it 
is worthwhile as an investment irrespective of the "sale" question.

I believe you are new to Sharechat - you might be interested to look 
through the archives with FFS as the search - you will  find a whole host 
of info there which will give you a clue as to my post to Derek.

Regards
Brian
(hold FFS)


At 08:30 09-10-00 +1300, you wrote:
>hi brian
>i hope u don't mind me butting in?
>i like talking to people who mention FFS.
>where do u think FFS is going to go from here?
>regards mick
>
>-----Original Message-----
>From: Brian Gale [mailto:brigale@i4free.co.nz]
>Sent: Saturday, 7 October 2000 09:37
>To: sharechat@sharechat.co.nz
>Subject: Re: [sharechat] FFS
>
>
>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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