Forum Archive Index - October 2001

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

Good work Gerry.

 

I note the value of 32c for FFS you use assumes no recovery of the debt from the CNIFP.

 

At the moment the FFS board have written this debt down to US$145m from US$225m.

 

Using NZ$1 = US$0.40, I calculate that US$145m = 13cps.  So  FFS are worth another 13cps on recovery of the US$145m.

 

Now using your formula, the recovery of this debt would mean another 1.76*13cps = 23cps for RBC.

 

Clearly the bids for the CNIFP assets are going to have the most effect on both FFS and RBC in the near term.

 

nb:  If FFS manage to recover the entire US$225m then the numbers work out at an extra 20cps for FFS and 36cps for RBC

 

Rgds,

greg