Forum Archive Index - November 2000

[Jeff Harman <jharman@xtra.co.nz>]

ffs, seems to me that if citic offered $218,000,0000 for fletchers share
of the partnership,why would they not now spend the money on ffs shares,
at present prices thats 33% of the company, maybe a seat or two on the
board,all at better values than a few weeks ago, according to ord min.,
the debt ratio for ffs after the restructuring will only be around 13%,
if ffs had an offer of .80c to 85c this valued forests at  between
$680,000,000, to $ 720,000,000, at present prices $630,000,000, would
buy all of forests, and with a better balance sheet to boot, citic would
then be in a far better negotiating position in the partnership dispute,
at present if it does not stump up it could lose everything, with ffs
the benifactor, barring a  court  case.


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