FBU - Fletcher Building

**minimoke** · 14-02-2018, 09:56 AM

Originally Posted by Beagle

The loss on the Sky City Convention center simply beggars belief.

How on earth does a company bid $410m on a project that ends up costing $887m to build ?

Incompetence within the highl paid people . Of concern should also be that its their intention to redeploy current key B&I staff through the greater business - one way of ensuring the rot / cancer spreads further seems to me.

**Peitro** · 14-02-2018, 09:59 AM

Haha yeah, tongue in cheek.

I agree, cutting the dividend will have a significicant impact. So much uncertainty ahead in the coming weeks, let alone years, open price could be the highest of the day.

**Onion** · 14-02-2018, 10:04 AM

Originally Posted by JeremyALD

Haha as I said mate I think it should be a lot lower but they have held up OK from all their previous downgrades.

Match price leading into the open went from $6.50 to $6.75 in the last couple of minutes. Volumes matching went from under 300K to over 600K. A lot of last minute jockeying!

A lot of trades to process - at open the message on ANZ said:

We were unable to obtain the market data required to serve your request in the expected time. Please try again or wait a couple of minutes. If the problem persists, please contact us.

... until things settled down.

Now down 13.2% (103c).

**Balance** · 14-02-2018, 10:06 AM

Originally Posted by Balance

Here’s hoping the sp gets absolutely smashed today.

Looks like my $6 is not going to get filled today.

Stock could end up with a $7 in front of it!

Maybe Ralph Norris resigning has taken the pressure off?

**hogie** · 14-02-2018, 10:06 AM

Originally Posted by Peitro

Haha yeah, tongue in cheek.

I agree, cutting the dividend will have a significicant impact. So much uncertainty ahead in the coming weeks, let alone years, open price could be the highest of the day.

Honestly those losses should not come out of the pocket of shareholders but rather out of the Chairman and Former CEOs pockets ... I bet they will still be paid a bonus and get paid out for remaining holiday pay too ... grrrr there is no accountability nowadays.

**Valiant** · 14-02-2018, 10:09 AM

Totally agree that blaming sub trades just doesn't cut it. If you are pricing fixed price contracts and understand the design is not complete, you factor this in as a risk. Its clear that they didn't understand the projects well enough to be able to price this risk in / they signed up to contractural arrangements that weren't favorable to them.

**Beagle** · 14-02-2018, 10:11 AM

Originally Posted by JeremyALD

It's mind boggling that's for sure. Especially for an organisation that has decades of experience with large projects?

Its gone beyond pathetic, gross incompetence and gross recklessness. All senior management involved in that contract costing and approval should be fired.