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Re: Re: Re: RE: [sharechat] FFS saga.

From: Brian Gale <>
Date: Wed, 29 Nov 2000 11:06:27 +1300

That's an interesting angle, Graeme. The debt problem has been the 
over-riding factor all along and no doubt the main reason why a suitable 
purchaser did not materialize.
With the cash from the rights issue the  debt problem will diminish and the 
chances of an acceptable offer should be much stronger. As you say there is 
a lot of value in those trees.

This was always a spec. stock and so it continues. It's a bit like being in 
a dinghy with holes in it with the small investor not having the bungs to 
plug the holes, someone else has those.

If we haven't learnt the lesson this year with the dangers of spec. stocks 
we never will.

Thanks for all the other posts on this subject which provide an interesting 
variety of  views. A week remains before a final decision with the rights 
has to be made. Personally I'm undecided, will just see how the prices move 
which currently seems to be downwards.

Regards to all contributors
Brian Gale

At 20:38 28-11-00 +1300, you wrote:
>Let's not forget that although FFS is debt ridden and there are problems 
>with the Chinese joint venture party there is still a lot of trees that 
>must have some value.  If I wanted to make a take-over bid for Fletcher 
>Forests then this couldn't be a better time, just wait until the rights 
>issue is settled and approach Rubicon and the underwriters - I'm sure they 
>want to make a small profit and then pass the parcel.  Small investor will 
>squeal all the way as they feel pressured and exasperated to accept the 
>apparent "fair offer".
>I get the feeling many small investors can't see the wood for the trees.
>Graeme Martin

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