FBU Chart.

[macduffy]

Have any of the many prominent names on FBU's board yet commented on this serious governance failure?
Their silence is palpable - and remarkable!

It's not individual board members' role to comment on "serious governance failures". That's the job of the CEO and Chairman. Other board members make their case within board meetings for or against an issue. If they don't like the outcome, their remedy is to resign.

[winner69]

It's not individual board members' role to comment on "serious governance failures". That's the job of the CEO and Chairman. Other board members make their case within board meetings for or against an issue. If they don't like the outcome, their remedy is to resign.

And possibly Norris didn't know the gravity of the situation until last Thursday .....needs to get his head around the issues

[macduffy]

Are these the "problem"contracts?

http://www.nzherald.co.nz/business/n...ectid=11822127

[Beagle]

Ive ahorrible feeling it is systemic throughout the industry .Too much money to be made and am i right that the companies themselves were left to monitor and check for quality and didn't or were very lax ; accepting the word of chinese and other exporters or a stamp on the steel as kosher etc.

Has FBU ever outperformed? 10 year chart shows a high before GFC of re $13 and since then its only got back over $10 in the latter half of 2016.

Classical cyclical then. There's an argument that at the peak of the cycle it should be trading on a PE of about 7. I wouldn't touch this company with a 40 foot barge pole.

Are these the "problem"contracts?

http://www.nzherald.co.nz/business/n...ectid=11822127

Almost certain to be part of the problem as initial costing's were rejected by SKC so its clear FBU had to sharpen their pencil to a fine point.

[RTM]

So someone has got a job done for a lot less than the real cost. I really hope it is a public job, for the NZ Government or some City amenity. Much prefer that than a private company enjoying the windfall.

[winner69]

Some Christchurch Sharetraders will be pleased that Michele who was in charge of Fletcher EQR is now now CEO of Fletcher Construction

She must have done a a good job for Fletchers while in charge of EQR

https://www.nzx.com/companies/FBU/announcements/298711

[BlackPeter]

Some Christchurch Sharetraders will be pleased that Michele who was in charge of Fletcher EQR is now now CEO of Fletcher Construction

She must have done a a good job for Fletchers while in charge of EQR

https://www.nzx.com/companies/FBU/announcements/298711

Reshuffling deck chairs?

[peat]

So someone has got a job done for a lot less than the real cost. I really hope it is a public job, for the NZ Government or some City amenity. Much prefer that than a private company enjoying the windfall.

negative corporate welfare makes a nice change lol
SKC may have opportunity to make some reval gains following completion?

[Rep]

Echoing comments about the serial underperformance of FBU - part of the reason I have elected not to invest in passive funds based on the NZX50 is that large components of the index are devoted to companies with largely mediocre management and boards with similar levels of performance such as FBU, WHS, CNU, SPK, TWR and SKT. The free float measure also means stocks likes Briscoes and MHI don't make the cut...

FWIW, I don't know if my own self-managed portfolio has done markedly better than the NZX overall but I don't think investing funds in some pretty mediocre stocks without a lot of growth potential because they happen to be large is necessarily a great criteria either.

[peat]

Echoing comments about the serial underperformance of FBU - part of the reason I have elected not to invest in passive funds based on the NZX50 is that large components of the index are devoted to companies with largely mediocre management and boards with similar levels of performance such as FBU, WHS, CNU, SPK, TWR and SKT. The free float measure also means stocks likes Briscoes and MHI don't make the cut...

FWIW, I don't know if my own self-managed portfolio has done markedly better than the NZX overall but I don't think investing funds in some pretty mediocre stocks without a lot of growth potential because they happen to be large is necessarily a great criteria either.

great comment Rep. I'll give you some rep for that.