Forum Archive Index - October 2003

["Kingsford, Robert STOS-OIL/RK" <Robert.Kingsford@stos.co.nz>]

Title: Attn:Matt FFS share price.... RBC

Reference Bryan Gaynors article NZ Herald 13:09:2003.
<http://www.nzherald.co.nz/business/businessstorydisplay.cfm?storyID=3523297&thesection=business&thesubsection=dialogue&thesecondsubsection=%20&thetickercode=RBC>

Bryan suggests an FFS sale of  655 k² ( like me new typo for a million ?) would realise a return / share of $1.06.
By these figures , the current offer from Kiwi Forests Group Limited (Kiwi) of 725 k² would show a net return of 660 k² for shareholders equating to 1.30 share( the price of an FFS share at market close 3:10:03)

Hope this helps.

I, however am interested in the possible impact the FFS sale could have on a Rubicon share.
Rubicons share of sale proceeds would be realised at (.199*660 k²)/279021170 = 47cps.
Given RBC  market close share price 3:10:03 @ 73c, this would mean effectively a value on RBC remaining portfolio of ArborGen & Trees and Technology of 73-47=26c.

Have I read somewhere that the Grant Samuels report Rubicon commissioned recently valued these two entities at 39c?
Can anyone provide me a link to, or a copy of the Grant Samuels report itself ?.
I am interested in seeing some figures on the two, would be remaining companies, of Rubicon as am wondering if there would be any value in purchasing a small portion of RBC.

Thanks in anticipation.