LOL very true ! Not a single nibble to be had at the SUM meeting last Friday by the time I finished chatting with the directors and senior management.
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Don't the Germans have a word for this?Quote:
Please excuse my fascination with train wrecks...this arguably one of the very biggest in the last 20 years or so.
I'm just grateful that I was able to avoid the worst of it.
:mellow:
Based on the investor call sounded like the recent profit downgrade took into aco**** most of their current project being delayed and incurred late payment fees
still confident buying in the low $6, close your eyes and wait 2-3 years
Jeez - if I held FBU I wouldn't be able to sleep. Would always be wondering when the next lot of bad news would come up and more on my capital destroyed.
Bottom line is construction has for the past 7 years been in what can only be described as the Very Best of times. Earthquakes, infrastructure and population growth. You would have to be a fool not to make money under such conditions. Those times, while still good arent anywhere as rosy now. Head winds ahead.
It absolutely beggars belief doesn't it ! Took Mrs B out for an overdue lunch seeing as its such a nice day and we got a window seat at Fortuna buffet looking directly onto the greatest construction cost fiasco we'll probably ever see in our lifetimes. Fascinating to watch this going up. I think this will stretch into 2020 and come close to $1,000m against an original contract of ~ $440m. Mrs B asked how it could possibly go that badly wrong. I just shook my head and said, you tell me lol.
I just saw a major broker saying to avoid the rights. Quite a strong thing to say ...
I can think of something better to do than not take up the rights.
I still had a small holding in FBU so I simply sold the same amount of shares that I was offered in the rights issue, and took up the rights offer ... this way my average price per share was reduced :)
FBU has always been a huge disappointing waiting game for me ... yet again so many regrets investing in this lemon.
I took up all rights and will hold.It will take 2-3 years but will come right.