Forum Archive Index - October 2000

[neil.selman@gfmb.co.nz]

James

Your maths are correct, however I believe the you missed out a couple of NTA
factors.

Rubicon are paying $80m for the Biotech and Sth Amer. activities.  Presummably
their book value was less than the Sales price, this will raise the NTA.

Your calc determined an ex issue price of 33 cents, Rubicon will pay 40 cents.
This also raises the NTA.

Forest have tidied their Bal Sheet, focused their activities and acquired an
experienced CEO.  It's a case of; now lets get down to business.

Rubicon's cum issue price is 70 cents, the shares closed at 50 cents.  If you
can afford the rights issue, they look like a good long term buy.



disclosure:  I grabbed some today.




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