FBU - Fletcher Building

[kiora]

Wouldn't surprise me if it was an installation problem if Aussie plumbers are anything like NZ plumbers. We had a shower installed which immediately leaked into the wall. After much back-and-forth, it was clearly the installation at fault. Reinstalled by another plumber recommended by the manufacturer, who also incorrectly installed it. Don't like to generalize but...

I second this
4 leaks & potential leaks on our new build from plumbers FORGETTING to glue or crimp joins,just crap

Luckily caught 1 before the water was turned on & others under the house(not a concrete pad thank goodness) so no damage

Have to wonder if there are other issues yet to surface.
The issue in our house was is even if the joints are not crimped the O ring will seal the joint temporally until it gives out then joints leak or burst

[bigbruce]

https://www.watoday.com.au/national/western-australia/bgc-braces-for-700-million-plumbing-bill-over-deluge-of-faulty-pipes-20231011-p5ebjf.html

From above link, some issues Victoria also
"Gray said similar faults had occurred on homes in Victoria, and he expected the number of reports to rise.


“We talk about it being the tip of the iceberg, because we think it’s only a matter of time before the issue spreads and people start to pick up and notice that across the rest of Australia,” he said."

[Toddy]

If FBU had to sell of a few business units in the future to fund potential liabilities, which ones would you pick to sell first?

[winner69]

If FBU had to sell of a few business units in the future to fund potential liabilities, which ones would you pick to sell first?

Iplex?….…..

[whatsup]

I second this
4 leaks & potential leaks on our new build from plumbers FORGETTING to glue or crimp joins,just crap

Luckily caught 1 before the water was turned on & others under the house(not a concrete pad thank goodness) so no damage

Have to wonder if there are other issues yet to surface.
The issue in our house was is even if the joints are not crimped the O ring will seal the joint temporally until it gives out then joints leak or burst

Yeh , K maybe one or two but not too many would not know what the procedures for fixing, after this is their stock and trade

[Toddy]

Also, once a building inspector comes across an issue then the word would spread around pretty quickly to keep an eye out.
Tradesmen are professionals, architects are professionals, building inspectors are professionals etc.

[Leemsip]

Interesting to see how the bonds do tomorrow on the open.

[Leemsip]

Any takers for the opening price when this starts trading? Last price $4.90 and total EV @ $3.8b.

Take a $1b off? Why not. So 1/4 down to $3.60. Everyone is pretty optimistic so lets round up to $4 to start trading.

[fastbike]

I second this
4 leaks & potential leaks on our new build from plumbers FORGETTING to glue or crimp joins,just crap

Luckily caught 1 before the water was turned on & others under the house(not a concrete pad thank goodness) so no damage

Have to wonder if there are other issues yet to surface.
The issue in our house was is even if the joints are not crimped the O ring will seal the joint temporally until it gives out then joints leak or burst

Iplex Pro-fit (the product at the centre of this dispute) does not use O rings. There is a brass fitting (T junction, wingback, etc) fitted with a copper crimping sleeve. Push the correctly prepared polybutylene pipe onto the fitting, checking it is fully seated, then crimp and check the crimp with the supplied gauge.
Not an O ring in sight.

[Greekwatchdog]

Trading halt extension...

NZ RegCo refers to the trading halt that was placed on Fletcher Building Limited’s (“FBU”) equity securities at the request of the company, on Wednesday, 11 October 2023.
NZ RegCo has agreed, at FBU’s request, to extend the trading halt until the close of business on Friday, 13 October 2023, with trading to resume at market open on Monday, 16 October 2023.
Further to the announcement of Wednesday, 11 October 2023, FBU advises that it has obtained a copy of the presentation given to media and analysts by BGC (Australia) Pty Ltd (“BGC”) relating to the Iplex Australia Pro-fit pipes. FBU is currently preparing a response to that presentation, which it expects to release during the course of Friday, 13 October 2023. The extension to the trading halt will enable the market to consider FBU’s response before trading recommences on Monday, 16 October 2023