rights issue, page-2

Dincher,

Different from those pure mining service companies such as Emeco which only provide equipment renting to the miners, AAX is kind of "solution provider" that does not normally keep large tangible asset on the book, it is the order book and future potential of winning new contracts that should be considered as way of valuation.
You can find Coffey International is in the similar category.

The right issue, to my understanding, is going to fix the current debt/covenant issue that AAX is facing, however the long term outlook is the mining industry.

Many people compare AAX with Forge, that I tend to disagree:
AAX is dealing with the same problems that other companies are dealing with (uncertain outlook for mining sector), however, Forge is in a serious internal "systematic" problem .

I would think AAX is in much better position than FGE, time will tell, those bought in today will see the SP recovers.