Fraser & Neave (F & N)

[greengiraffe]

It used to be Old Friends with New Ideas.

Now it has become Old Friends with New Towkay with New Ideas on the way...

Towkay bought his initial 23% stake at 8.76xd and the balance 67% stake at 9.43xd.

That works out to be an average of 9.26xd without financing costs. Look at his principal banks - Old Wee is a backer. Dun play with Old Wee - just look at how he got United Sq in the 80s from Goldhill. Old Wee has done his sums and more than willing to vulture should it ever happen that Towkay may fail.

Anyway, Towkay average costs of 9.26xd is having his financing costs running daily. Keeping listing status perhaps is not by choice since bankers may be more than happy to slap on higher costs of financing should F&N goes private.

Don't get me wrong - I am not saying that Towkay has no money but since he is more than happily using OPM, he must play by the rules.

Valuation of F&N ranges between $8.18 to $11.10 xd, Towkay will have to cook up a spicy story in order to increase F&N's free float.

Vested Thanks to Sorchais