Fletcher's disclosure of $110M of construction contract woes wrong-foots investors

Mon, 20 Mar 2017

By Jonathan Underhill March 20 (BusinessDesk) - Fletcher Building was quizzed by analysts and investors over why industry rumours were circulating about losses from a major construction contract before they were disclosed by the company today in a surprise move that wiped more than $650 million off its market value. On a conference call today, chief executive Mark Adamson said he "took full responsibility for the current situation". He was unable to comment on industry rumours and had to rely on his own chain of command. "The reality is w...

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