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Re: FFS and Re: [sharechat] RBC and AIRNZ

From:	"greg" <gregoire@paradise.net.nz>
Date:	Fri, 28 Sep 2001 10:21:12 +1200

Mike,

the size of any jump will depend on how much is bid for the assets. FFS has written off all equity in the CNIFP, written the debt it is owed down to US$225m, and from memory written this debt down even further in the recent FY report. This together with a market approach to valuing their forest estate gives FFS a conservative NTA of around 46cps.

There may be a jump in price when the bids are revealed for the following reasons:

1. The market has been starved of information regarding FFS.

2. Any offshore bids for the CNIFP assets (which include the massive Kaingaroa Forest) is likely to fuel speculation of a takeover of FFS, as they currently manage the CNIFP assets.

3. It will be seen as a resolution, with FFS able to move forward (however there is still some littigation with Citic before the High Court).

Rgds,

greg

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