Hi macrae. I agree with your above comments. This is high risk at these prices.
It looks like FPA left its "major geographic shift of its manufacturing operations" a year or two too late. This has also taken a shine of its iconic status and Government bailouts along the lines of AIZ are unlikely.
Even if a capital raising was succesful this would only get rid of a quarter of the debt and leave $400 million. As well as being hugely dilutive.
So saying that I firmly believe that this has become a "real take over target"
I am looking at entering on the New Zealand Exchange (higher liquidity) if the price gets down to the mid 20's.
Only for the brave but I hope currant buyers do well.
FPA Price at posting:
20.7¢ Sentiment: ST Sell Disclosure: Not Held