FBU - Fletcher Building

[Greekwatchdog]

More snouts in the trough, execs awarded free shares even though share holders have lost $.
https://announcements.nzx.com/detail/429228

Just for the record, those shares are an award shares for Employees to partake in the FBU business. You have to be with FBU for 3 years to get these award shares.

You get 1 award share for every 2 you buy. They are awarded to you at the end of the financial year.

Yes I have some, I am an employee of a FBU unit. No I am not an exec.

[Toddy]

Just for the record, those shares are an award shares for Employees to partake in the FBU business. You have to be with FBU for 3 years to get these award shares.

You get 1 award share for every 2 you buy. They are awarded to you at the end of the financial year.

Yes I have some, I am an employee of a FBU unit. No I am not an exec.

It does cut the loss on the shares as opposed to the external shareholder holding though.

On a positive, I'm sure that the employee share trust scheme helps hold the FBU sp higher on those days when the volume is lite.

[Rawz]

Old mate at it again. Sucker for punishment?

416951.pdf (nzx-prod-s7fsd7f98s.s3-website-ap-southeast-2.amazonaws.com)

Allan Gray now holds 110m shares. Up from 102m in the last disclosure. Now holds 14% of FBU.

[bull....]

https://www.nzx.com/announcements/430952

new lows today ?

[winner69]

Yet another downgrade

But if you take top of this range $530m and bottom of Feb update of $540m not much of an downgrade

[winner69]

No worries -

“Fletcher Building has many strongly positioned core business assets that have demonstrated resilience in current market conditions. Our immediate priorities are to optimise the performance of each of our businesses, close out legacy issues and tightly manage risks to maximise our ability to deliver shareholder value. Our people are integral to achieving this and I would like to thank each of them for their ongoing efforts as we navigate the tougher market environment.”

[Toddy]

Here I was thinking this morning that we could hope for a more positive week on the NZX.

But clearly I have forgotten about our good mates down at FBU.

[Balance]

Yet another downgrade

But if you take top of this range $530m and bottom of Feb update of $540m not much of an downgrade

Consensus (Marketscreener) was $570m.

Mid-point of new forecast range = $515m so a 10% downgrade.

What is this downgrade? #2 or #3?

[Filthy]

SP shed ~15% since April, so maybe market has already priced in?

[Balance]

In a way, FBU's downgrade should not be a surprise.

Wrote this on the other site just yesterday :

Indicative of the property market today indeed. New builts are too expensive vs existing homes - due to developers overpaying for land and cost of construction.

I had Fletcher Living sales staff contacting me often enough in the last 6 months offering new built properties at ever lower prices. That's after they arrogantly ignored follow up inquiries I made 3 years ago on one of their new builts in Oranga.

In any case, I was polite as I am interested in feedback from them about the state of the market.

As I said to the last salesperson who contacted me, why would anyone be interested in buying one of their new builts today when they can get an existing equivalent property (with more land and often in a better suburb) at up to 25% cheaper!

So either existing homes need to go up in price (unlikely) or new builts need to drop more in prices (likely).