FPA - Fisher & Paykel Appliances Ltd

[Bongo666]

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http://www.fisherpaykel.co.nz

[Bongo666]

Originally posted by Bongo666 April 2 2009

What is a good price to get into this company? The share price has been wildly fluctuating of late (down to below 40c at one point) and it still has value on any recovery. I am thinking the next reporting season and or news on a capital raising might be an opportunity to get shares cheaper than the current price.

The possibility that it could need a bailout is almost certain.

To me Fisher and Paykel Appliances is looking terminal. It has more than half a billion of debt on its books, with a massive slashing of its sales and profit, with bleak hope for the future.

To blame to current credit meltdown is moronic. There has been clear evidence of a spiraling down of company fortunes over the last 10 years, not the least the massive debt that has been allowed to build up.

Management have been blessed with less foresight than an Al Gore devotee with a blindfold on that they couldn't see the end coming.

The company is technically bankrupt.

Will it survive?

Unlikely in its current form.

[Bongo666]

Recent rumblings over a rising share price shouldn't be confused with anything material of consequence. It is more likely the overall market upwards swing.

[Bongo666]

With NZ$ 580 million in debt, falling sales and a dog share price and little hope of resurrecting any of that soon, what hope of a rumoured NZ$200 million bailout from a "cornerstone holder" will get them out of the brown stuff?

Very little if you ask me.

Fisher & Paykel Rights issue.docx

[Bongo666]

A NZ $200 million rights issue could be on the cards this Wednesday (see below) Could be a good way to make a quick buck?

REQUEST FOR TRADING HALT.pdf

F&P $200m rights issue and key investor in prospect.docx

[Bongo666]

I have been picking FPA's D'DAY for a number of years and apart from the lost jobs at the company may I take this opportunity to rub salt in the wound. Management have floundered over the years, protecting their poor business practices through state sanctioned protectionism and blackmail of retailers.

Oh the irony if they are to be majority owned by one of those competitors that they shut out with their anti competitive behavior

Good riddance.

[Share Trader]

Got some FPA shares today with some of the proceeds of my LLN sale. Wanting to take part in the rights issue.

[Bongo666]

I have been picking FPA's D'DAY for a number of years and apart from the lost jobs at the company may I take this opportunity to rub salt in the wound. Management have floundered over the years, protecting their poor business practices through state sanctioned protectionism and blackmail of retailers.

Oh the irony if they are to be majority owned by one of those competitors that they shut out with their anti competitive behavior

Good riddance.

Well, Fisher & Paykel are now sleeping with the enemy. Haier, a Chinese company that F & P tried to keep out of New Zealand are now the biggest shareholder in the company with a 20% stake.

John Bongard must be wriggling with rage now that he has to share the boardroom table with 2 of Haiers representatives. Perhaps now Kiwis will be able to get whiteware at a reasonable price

[Share Trader]

Got some FPA shares today with some of the proceeds of my LLN sale. Wanting to take part in the rights issue.

Some big interest in it guys, should be profitable..

[Bongo666]

Good news for Fisher & Paykel shareholders or the first signal of the beginning in the move of the company to China where the majority shareholder is domiciled ?

F & P to debut at Chinese appliance show.docx

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[Bongo666]

With the naming of two new board members (see attachment below) from the Haier company, F & P's largest shareholder I am scratching my head as to why CEO John Bongard and other board members who managed this company into collapse are still there...Can you?

Haier heavyweights on F & P board.docx

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[Bongo666]

As I mentioned above, the recent capital raising for Fisher & Paykel Appliances was not enough to get them out of the downward spin they are in.

They have now broken their banking covenants (again) and have issued a further profit downgrade of more than 40% shortly after confirming their 2009 profit forecast.

What the hell is going on there that they are out by 40% so soon after confirming?

Sure sales are down and patchy and with lower margins but they would have known that 12 months ago.

Turns out John Bongard jumped at the right time...

FPA profit downgrade.docx

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