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Re: Re: [sharechat] FW: ffs and cah

From:	"Ian Andrews" <iandrews@ihug.co.nz>
Date:	Wed, 11 Oct 2000 23:12:55 +1300

FFS share price should recover well after the rights issue.Those who have lost shareholder value to date can only regain it by taking up their rights, otherwise the value loss will be permanent as it passes to other shareholders & to Rubicon in its subunderwriter role.

Something similar happened with NZ Petroleum Ltd in 1998, when a severe cash issue wiped out most shareholders & made a fortune for Eric Watson's Malibu Holdings, the underwriter.I think FFS shareholders should try to find the money, somehow.

Its difficult to pick a bottom, but FFS is close to the 38c it reached during the Asian crisis & trading now at 4.5 times 2000 earnings (with interest capitalised).

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