share purchase plan cancelled, page-16

perhaps the delays have more to do with trouble at NCM than any issues with fnt. this is from breakfast deals this morning (business spectator)...

Newcrest Mining

Newcrest Mining might either have to think twice about its investment program or raise capital if the gold price continues to cool. That’s that conclusion of Macquarie analyst Mitch Ryan, at least. According to The Australian, Ryan says that a gold price beneath $US1,500 an ounce (it’s at $US1560 at the moment) would be challenging for Newcrest because its balance sheet is already stretched.

This puts Newcrest’s $9.2 billion cash-and-scrip acquisition of Lihir Gold in 2010 into an even more unfortunate context. At the end of April this year, Newcrest shares had lost of a third of their value since the Lihir deal was sealed, while the gold price had added the same amount. If Newcrest has to raise capital and dilute smaller shareholders, many will be wondering precisely what the point of the Lihir agreement was. Although, hindsight is 20-20.