Forum Archive Index - November 2001

["Kevin Young" <youngk@zfree.co.nz>]

I think CITIC is considering the option of getting ownership of CNIFP through a 
takeover
of FFS but there may be too many obstacles. One is RBC who hold approx 17% of 
FFS.
RBC will not sell FFS to CITIC without a high premium. Since RBC are ex 
Fletchers
they will not sell FFS to CITIC unless it is an offer that they can't refuse. 
The
chinese are not that stupid and will not want to pay the price RBC wants.

I think that tomorrow will be an interesting day for FFS. Based on the article 
in
today Sunday Times small investors will push the price up a cent or two in 
anticipation
of a takeover from CITIC. The institutions will be selling off their holdings 
slowly
trying not to depress the share price too much. After two weeks when there is no
news the small investors will be selling and the share price will fall back to 
22
- 23c. It may even drop to 20c just before christmas as investors cash up.

It will be interesting to see who is buying and who is selling tomorrow.

Just my thoughts.

Kevin


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