Feltex (FTX) - All over for shareholders

[Snow Leopard]

Things don't get much worse than this:

quote:Greens urge new investors to save Feltex

Green MP Sue Bradford is urging potential investors to get behind troubled local carpet maker Feltex.


Trading in Feltex shares was suspended on Monday, pending the outcome of restructuring talks.

When trading resumed yesterday shares plunged 37 per cent to 13.3 cents. Feltex is seeking a new cornerstone investor.

Ms Bradford today urged potential investors to get on board to save the company.

"Feltex is too big a Kiwi institution to be allowed to collapse. It employs more than 700 workers and is a large earner of overseas funds based on the value added manufacture of New Zealand wool.

"It is exactly the type of company that New Zealand needs now and in the future."

[Gryffyn]

hemp carpets?

[lanenz]

quote:Originally posted by Gryffyn

hemp carpets?

[Krustytheclown]

Hellen has a natural affinity for Carpet .....perhaps her Camp[:0] in Govt' could bank roll FTX out of this Poop [B)]its mired in??
Looks like the nutty Greens would support a bail out.

TAXpayers are not!

G.

[Snow Leopard]

very funny belge, very funny.

Meanwhile back in the real world we still do not know whether anybody is willing to buy a chunk of new equity in this company, to be given to the ANZ, or whether the rug will be pulled from beneath Feltex leaving the receivers as the only winners.
This currently must be the most speculative share on the NZX.

[sniper]

quote:Originally posted by belgarion

No message really PT ... just relaying a conversion that was so full of banker/broker speak ... i.e. much of what the banker said could be interpreted two ways. He was giving nothing away except to say that FTX must get a deal together quick or perish ... and that if FTX perished, the banker responsible for FTX would probably get a grilling from his boss

... with regards throwing 'good money after bad' ... we'll have to see.

How insightful from the banker. He must have woken up real early this morning, read the comments on Feltex in the newspaper and on the radio - and pass it on.

What a banker!

No wonder Feltex was able to borrow another $50m from ANZ in the last 18 months even as the company went from one disaster to another.

Tim Saunders and his clowns need to be brought to account. A receivership would probably suit them just fine as all the unsavory details of the disastrous state Feltex is in and how it got into that state then do not have to come out.

So my guess is that Feltex goes to receivership. Everyday that slips by is another day closer to receivership.

[shasta]

The Govt bailed out Air NZ, why not FTX?

Greg may be onto something here!

Small towns like Dannevirke & the like would suffer if/when there factories are closed?

If this former "Icon" company goes under i hope the NZX gets alot close scrutiny too, after the Access Brokerage debacle, it seems the continuous disclosure rule & the policing of it is a joke.

I wonder how much of FTX's operating costs are tied up in its incompetent management?

[Krustytheclown]

Another Post Mortem on TV news......and the FTX shares are trading at 6.5% of the IPO price......BIG OUCH for the Elderly Mumsy and Dadsy out there - Oh, and BIG OUCH for the Lead FTX Ramper and now BIGtime Carpet Merchant- Belgs......are you at 5% yet?

Glad I only took a quick bite and then sold in a couple of days a few months ago.
I would'nt touch it with someone else's - right now.

This is a tree legged, blind, Deaf Mutt......-Or that fits Managements profile anyway

G.

[sniper]

quote:Originally posted by belgarion

DCski13 ... I'd hang on if I were you ... As sanity starts to prevail I expect the price to move a bit higher leading up to the rights issues. Thems buying at and below 20c will be smiling shortly ...

Aiming for 4.95%

Hmmmmmmmmmmmmmm ..... receivership time, boys. No rights issue then.

[Base Trader]

Jolly - FTX for the current shareholders is dead. The debt burden is too high at this point in time - regardless of some intuitive export - import argument.

Sure the Feltex capets factory will continue to run and carpets will be exported and sold - but the current shareholders will not participate. They will lose their value as the shares become (nearly) worthless. New owners or a receiver will run the company for the benefit of the creditors or new shareholders.