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Nigel, this may enlighten. From an FFS
statement in December last year.
"Fletcher Challenge, on behalf of Rubicon (a
company to be formed as part of
the Fletcher Challenge Group restructuring),
has exercised its call option to
require Credit Suisse First Boston to sell
to Rubicon at a price of NZ$0.25
per share, up to 267,148,663 of the shares
purchased by Credit Suisse First
Boston. The call option will be
settled on the effective date of separation
of the Fletcher Challenge Group
(expected to be in mid-March 2001)."
Regards, Phil Boeyen
----- Original Message -----
Sent: Sunday, March 25, 2001 10:46
PM
Subject: RE: [sharechat] re : Barbara
(FFS & FFSPA) - Shame & Double Shame on Regular Sharechatters
A massive order (267148663 shares, eg $66.8 million) went through at
10:13 at 25 cents!! I assume this is not an error. So, any
explanation from other sharechatters is greatly appreciated. A
subsequent trade at 33 cents was made at 10:38 (50,000) shares. Some-one
can now drip feed sales at a VERY nice profit. Is this likely to
happen? If so, the rise in this share price may be limited (IF there is
a big seller who wants to sell $66 million of shares at a 32% easy
profit).
I may be reading the situation completely wrong, so can someone please shed
light on this whole thing?
(I hold some FFS shares)
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