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  1. #21
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    Carillon's problems in the UK read rather like an extreme version of FBU's here. From the Guardian:

    https://www.theguardian.com/business...uidation-staff
    Last edited by macduffy; 17-01-2018 at 11:55 AM.

  2. #22
    Legend Balance's Avatar
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    NBR headline a few days ago :

    "Spanish company eyes Fletcher's Construction Division"

    No denials or rebuttal so far?

  3. #23
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    https://www.nzx.com/announcements/313873

    More material losses from B&I

  4. #24
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    huge falls in loss of confidence for this stock , nice timing announcement right at the top of the declining trendline ..... big fall today
    bull
    One step ahead of the herd

  5. #25
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    Quote Originally Posted by Balance View Post
    https://www.nzx.com/announcements/313873

    More material losses from B&I
    Fun watching from the sidelines.!

  6. #26
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    Quote Originally Posted by bull.... View Post
    huge falls in loss of confidence for this stock , nice timing announcement right at the top of the declining trendline ..... big fall today
    Trading halt until Monday so no action until then.

    This is the third downgrade so the old adage that downgrades come in threes really do happen!

  7. #27
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    Quote Originally Posted by Balance View Post
    NBR headline a few days ago :

    "Spanish company eyes Fletcher's Construction Division"

    No denials or rebuttal so far?
    Maybe the Spaniards watching closely ......even cheaper entry now if they are keen

    https://www.nzx.com/announcements/313880
    “Just consider that maybe the probability of you being wrong is higher than you think.”

  8. #28
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    Used to be a good company, one I traded quite a lot years ago. Sad to see it so thoroughly lose the plot over the last several years or so.

  9. #29
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    Quote Originally Posted by Biscuit View Post
    Used to be a good company, one I traded quite a lot years ago. Sad to see it so thoroughly lose the plot over the last several years or so.
    How on earth shareholder's have been so forgiving is beyond me. There have been multiple downgrades and the SP is not much lower than it was a couple years ago.

  10. #30
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    Quote Originally Posted by Biscuit View Post
    Used to be a good company, one I traded quite a lot years ago. Sad to see it so thoroughly lose the plot over the last several years or so.
    You would think that Ralph's position has become untenable. However with this company anything goes seems to be the motto.....

  11. #31
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    Breach of banking convenants a bit embarrassing isn’t it .....for one of NZs biggest companies

    Jacinda should nationalise it and turn it into Kiwi Build.
    “Just consider that maybe the probability of you being wrong is higher than you think.”

  12. #32
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    FBU had about $2billion of debt last accounts and proudly got another $345m from their bankers a few months ago
    “Just consider that maybe the probability of you being wrong is higher than you think.”

  13. #33
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    Capital raise likely. Say $500M. Rest of market will be sold to raise the cash. Very ugly. The old saying there is always more than one cockroach in the cupboard very apt. The board now must have a cleanout after a very average performance.

  14. #34
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    Not sure what happened to the original FBU thread but in that I commented several times on the likelihood of losses extending far beyond the scope of those identified in the original write-down and suggested there were systemic problems in the construction division.

    I was discussing this with an investor the other day and my comment was really its truly remarkable that a company that over many decades has operated in the large project construction business and is supposed to have really huge amounts of expertise in that area could get things so badly wrong with its current projects.

    Its quite an "accomplishment" for example to tender for the Sky City Convention center project at just over $400m and then go on to lose over $200m on that project isn't it !
    As I commented before, where there's smoke there's fire. If they are so incredibly incompetent in that project there will be systemic incompetency's throughout that division in a wide range of other projects.

    How could things go so incredibly wrong for a company with many decades experience on a vast array of large construction projects ? Is it time to shut that division down completely ? Time for more heads to roll at a board and management level ? There was widespread derision towards FBU at last February's Auckland ST meeting which seems with hindsight to have been very well founded.

    I am not sure why so many analysts love this stock and have been so forgiving of their systemic underperformance ?
    I suggested many months ago that I could see no reason why this stock should trade above $5. Mark my words, whatever problems they identify in the current review will not be the end of the problems within that division.
    Last edited by Beagle; 08-02-2018 at 09:44 AM.
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  15. #35
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    It must be real real tough when their key market has a major building downturn, no construction of big projects, no subdivisions, no population growth, no natural disasters requiring rebuilds.......oh hang on, wait a moment.......

  16. #36
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    Quote Originally Posted by Beagle View Post

    How could things go so incredibly wrong for a company with many decades experience on a vast array of large construction projects ? Is it time to shut that division down completely ?
    Time for more heads to roll at a board and management level ?
    Change in CEO and an exodus of key experienced staff - that's the long and short of it.

  17. #37
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    Quote Originally Posted by winner69 View Post
    FBU had about $2billion of debt last accounts and proudly got another $345m from their bankers a few months ago
    In its day Air NZ needed around $885m which Labour coughed up

    Labour paid $690 for NZ Rail

    Back in the day Labour (or Big Jim) pumped $123m to set up Kiwibank.

    A residential property company seems within the bounds of possibility.

  18. #38
    Doggedly sniffing out more food Beagle's Avatar
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    Quote Originally Posted by minimoke View Post
    In its day Air NZ needed around $885m which Labour coughed up

    Labour paid $690 for NZ Rail

    Back in the day Labour (or Big Jim) pumped $123m to set up Kiwibank.

    A residential property company seems within the bounds of possibility.
    I agree. I think the board need to urgently cease any future major construction projects and concentrate on building houses and look to flick off that division ASAP.
    No butts, hold no mutts, (unless they're the furry variety).

  19. #39
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    Quote Originally Posted by Beagle View Post
    I agree. I think the board need to urgently cease any future major construction projects and concentrate on building houses and look to flick off that division ASAP.
    Hence, the discussions with potential buyers as alerted to by NBR a few days ago?

    Personally I think it will be hell of a pity for Fletcher to be further broken up and down-sized but the Board really needs to find a solution to this bleeding.

  20. #40
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    54 people on over $500000 per annum. Time for staff to share the pain

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