Pretty good price
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I have shares in FBU and want to take up my entitlement(I think).Will FBU send me out a form to fill in or will I have to contact ASB my broker.
Should I do this now or wait a couple of weeks to see how things go or is it first in first served.Thanking you in advance
You should get sent paperwork and forms from Fletchers
You are entitled to your 1 share for 4.46 held no matter what ....not first in first served
Looks like you can apply on line https://www.fletcherbuildingshareoffer.co.nz/offer/
OK. I'm half stunned with drugs and alcohol and nasty falling trees in the past few weeks but I purchased 8,000 shares at 628 recently in the belief that they might just rise rapidly and make me a bob or two. Today I discover that my 628 is 620 but its marked as a rise? Firstly I thought that it might have paid a dividend. Now on this forum I seem to be in line for an issue of shares at 480cps on a one share for every 4.4 shares I own? That seems to be i800 shares to sell at market? Is that correct or should I go off the morphine and just stay in bed?
I purchased 8000
I still think there's plenty more skeletons in the closet and the new CEO has an awful lot of systemic issues to fix in the company, (if he ever can), so No I wouldn't be an investor in this going forward as this is like a large ship with a couple of very small rudders. Perhaps not like the Titanic anymore now they may have stemmed the worst of the leakage but it still looks like a cruise to nowhere with below par food, (dividends) along the way.
This doesn't pass the hounds sleep test, do I feel confident tucked up in my kennel / cabin at night thinking the captain and crew know what they're doing and the ship is sound and operationally fine...no way !!!
Some might even be so unkind as to suggest this is just a rearrangement of the deck chairs on the Titanic...surprised the institutions lapped up this rescue effort, haven't they been bitten by this mutt enough already ?????
Still...what would I know...thankfully enough to avoid ever getting bitten by this dog.
Yep you are entitled to 1793 shares but need to front up with $8600 odd. Once you have them you can sell them
If you want to sell some of the 8000 to pay for for the entitled shares you will only need to sell about 1400 at current prices
Or you could save a lot of bother and do nothing and hope that they get a good price for those shares not taken up and then send you are nice little cheque. Like if they got $6.20 for them you would get a cheque for about $2,500 ...cool eh ...but all depends on how things go in the meantime but that’s what I would do.
Corrected earlier post ...I stuffed up the $2,500 bit
Discounted cap raise @$4.80 and the BI unit losing up to $660M by 2019 is this SP artificially high?
Rob Mercer head of research at Forsyth Barr in a behind the paywall article on NBR this morning cautions that this well timed capital raise doesn't solve the systemic operational weakness's within the company and further cautions that other's are starting to eat FBU's lunch in areas of their traditional highly profitable operations, e.g. cement and wallboards.
Can't help myself watching this super slow motion train wreck. Plenty more pain and angst to come...
FBU the gift that keeps on giving for those that like watching train wrecks.
Agree a price in low $5 might be more suitable. Their incompetence sounds deep rooted and an entire cleanout might be needed.
On the plus side they do have (for how long) a monopoly on the inefficient NZ building market. As the pressure increases on the low productivity in NZ due to the high demand for accomodation the Gov will become increasingly more hands on with regulation + $. Has anyone noted the new China construction companies building in Auckland? Are they bringing in their own China labour too?? I think this is a result of the lack of construction resource here.
This company is like a bloated old dinosaur. Very poorly managed and governed. I think all and sundry will try and eat their lunch going forward and probably with quite considerable success. A real free for all of new competition, lead by hard working foreign immigrants not afraid of a hard day's work and not expecting a small fortune for their labour either and more efficient distribution channels for building products.
I still think something in the 4's could be on the cards in the foreseeable future as this train wrecks keeps unwinding its way down the track.
Long term I see this continuing to destroy shareholder value and $4.80 might not be the apparent bargain many think it is.
From a broker :
Short covering in Australia keeping post rights issue price up.
Be interesting to see what happens after all the shorts are covered.
http://www.sharechat.co.nz/article/5...te-losses.html
Just two months ago the CEO told shareholders the convention center would be completed by mid 2019 now SKC tell us December 2019.
Probably sometime late in 2020 if they're lucky lol...the train wreck continues to be the gift that just keeps on giving (for those that like watching these sort of unmitigated corporate fiasco's from the sidelines).
Whos wearing the extra 6 months cost? Is this factored/disclosed by FBU to market? If FBU says mid-2019 then have they not informed the market of the extra 6 months costs. Avoid stock until they come clean.
Heard Rod Oram say on National Radio that another issue for FBU now is that since they announced they’d be withdrawing from the business of building buildings, they’ve seen an exodus of contractors. This could possible be partly to blame for even further delays
FBU will be wearing the cost for sure. Plenty more carnage to come in this almost endless fiasco. Bunnings in the Herald today saying they're looking to double revenue in their branded stores within N.Z. within the next few years. FBU vulnerable to attack on their lucrative profit area's of business, left right and center.
Yes Iceman. The team at SUM noted in their address that the availability of construction workers had improved since the FBU fiasco got into full swing. I just hope SUM are discerning in terms of who they hire and their new construction fraud team have clear focus.
Sorry missed this yesterday - yes, Chinese are here and they did bring their own labour force, I think the Hyatt down the bottom of town is being built by China Construction Company, 200 workers from China on board. Also was discussing markets with a guy from a civil contracting firm yesterday, he noted he is facing more competition from Australia, and I note that Europeans have picked up NZ companies over last few years - HEB Construction owned by Vinci now, and CPB (used to be Leightons) is owned by Spanish company. Lots of change to come in this sector.
https://www.msn.com/en-nz/news/natio...cid=spartandhp
Some serious food for thought in there. You have to wonder given this is arguably one of the greatest destructions of shareholder value we've ever seen in N.Z. why have we seen very little change at board level ? What's the minimum shareholding anyone ? Could be worth the price of admission to the next annual meeting which could be a real riot !