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Re: [sharechat] ...........FFS

From:	"greg" <gregoire@paradise.net.nz>
Date:	Wed, 18 Jul 2001 19:07:35 +1200

Gerry, I think the recent change in the way Fletcher Forests values it's forest estates has affected the NTA condiderably (See FFS announcement 29th June). It is now using a 'market value' approach instead of an 'historical' one and this has changed the carrying value of the estate from NZ$1.8b to NZ$1.1b

The total number of shares (FFS+FFSPA) on issue at the moment is 2,788,523,291. So I suppose this change in accounting practice changes the NTA by 0.7b/2.8b = 25cps.

I read an article suggesting that the NTA is now 40cps, but I can't remember who wrote the article.

Hope this helps,

greg

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