1 Share Traded, page-5

1. ASIC generally doesn't do much even when they do find wrongdoing, they are one of the softest financial regulators on the planet, so I don't think that we need to worry too much about their investigation. My guess is that insiders bought prior to the announcement of preferred contractor status and sold out on the announcement for a STAG, and that they haven't really got any fundamental opinion of NRW either way. That would explain the otherwise inexplicably tepid response to the contract win.

The idea that the win was factored into the pre-bid price doesn't hold up considering that Salini ought to have moved in a similar fashion at the same time, which it didn't.

2. We shareholders have just lost c.$100m on management's contracting 101 lesson that was taught by Samsung. Although I don't think much of Jules Pemberton, I nevertheless struggle to believe that he would be retarded enough to make the same mistakes on this contract as he did on Roy Hill.

Given that this is a public project, I wonder if the fine print of the contract is on the public record. Perhaps a WA HC poster could dig us up a copy.