Ah well, so they bought Formica in 2007 for US$700m and are selling now for US$840m. That's roughly 1.5% capital appreciation per year, less than inflation.
Not flash, but I guess - could have been worse, couldn't it?
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The Company now expects FY19 EBIT before significant items to be in the range of $620 million to $650 million
watch out for significant items!
I can't for the life of me figure out why the SP keeps climbing back on this one.
https://www.goodreturns.co.nz/article/976515043/a-capital-offence.html
Anyone else heard they are returning 300m from the formica sale to shareholders?
An investor day webcast at 12 noon will apparently cover plans for the Formica sale proceeds, amongst other matters.
Details here: https://www.nzx.com/announcements/336624
not surprised its down on there down - grade still big issues ahead. the share buyback stops it tanking i guess