be patient !, page-9

re: cupwinner - be patient ! The share price is volatile, but in the end the fundamentals of the company will win through. If you take the projected earnings of minproc and capitalise them on multiples being supported by other contractors; Downer, Transfield, Worley, etc and then add the market value for OGD, very little is being paid for GRL.

In essence there is largely a free option on GRL with earnings improvement expected at Eastern Creek along with the development of Lancashire and further penetration of the UK market.

The issue is GRL's ability to capitalise on the opportunities it has spent years bringing to the table. Much of the hard work is behind the Company and at current prices you're not paying much for it.