Forum Archive Index - July 2001

["greg" <gregoire@paradise.net.nz>]

Gerry,

        the 40cps I quoted was from a news article probably quoting some broker or other, but definitely not from the directors.  It only stuck in my mind because the article occurred fairly soon after FFS's announcement that they were going to change the way the valued their forests.

 

As such, I would take that figure with a grain of salt (although, as you say, it sounds reasonable).  Also I don't know whether this includes the CNIFP debt asset of US$225m.

 

Note that they have also changed to NZ dollars in their accounts so maybe we should be using the NZ$511m figure as at 30th June 2000.

 

By my arithmetic NZ$511m would contribute about 18cps to the NTA.

 

Rgds,

greg

 

PS:  As an FFS shareholder I was intrigued that the board decided not to sell the company for 80-90c (pre split) because they felt that the price was too low.  6 months or so down the track they finally decide to shave 700m of the value of their forests (not incl the CNIFP).