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[sharechat] Sanford Foreign exchange losses

From:	"Viewpoint ." <viewpoint_@hotmail.com>
Date:	Fri, 07 Dec 2001 15:10:53 +0800

Hi Marilyn.

Mention of it in the Annual Report in the Chairman's Report. Also mentioned 
in the announcements made to the NZSE. Some interesting charts in the 
presentation the bosses made at the AGM.
Copies at http://www.sanford.co.nz/docs/CHAIRMD01%20Printer.pdf

Basically they appeared to have bought all their US$ at 52 cents (on the 
advice of bankers of course) in Sept 2000.

All this is pretty complicated and and if it goes wrong it can hurt a 
company badly. These dealings are a zero sum game - this means that Sanfords 
losses were somebody elses gains.

Not easy to explain - Marilyn, I'll leave that to somebody else.

Any offers?


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