News: GCS Global Construction Services Secures Contract Worth $11.5 Mln, page-7

I am a bit interested.
Since the merger with RSG in June https://thewest.com.au/business/mer...ering-with-srg-merger-of-equals-ng-b88863646z Market Cap has dropped to $290.6M.
The story in the West says the merger was valued at $322M
“Mr Macgeorge said the merger, which is expected to produce cost synergies of between $3 million and $4 million a year, provided a stronger combined offering and greater scale.”
Workforce increased to 2000.
AIM:
“SRG Global is now a specialist engineering, construction and maintenance group. Our vision is ‘making the complex simple’ across the entire asset lifecycle of engineer, construct and sustain.”


IFLfunds came on board with 23M shares af the time and have been buying strongly . it looks like they spent $2.8M at 66c on September 10 and buying more since increasing holding from around 6% to just over 10%.
At the time of merger Lanyon Asset Management fell out and CBA dropped from 11% range to 5.74% holding .

Despite the fall in price GCS has performed strongly since merger :
October 1
SRG Global secures ~$11.5m concrete structure contract for the Goulburn Valley Health redevelopment in Shepparton, Victoria
• This is the second hospital project and seventh major contract awarded to SRG Global’s Victorian based concrete and formwork division since it was established in May 2017
• This project is a fully integrated concrete structure and post
tensioning solution following the merger of equals between Global Construction Services Ltd (‘GCS’ and SRG Ltd (‘SRG’
https://www.gcs.group/assets/release/2018/SRG-Global-secures-11.5m-concrete-structure-contract.pdf


October 4.
SRG GLOBAL SECURES NEW FOUR-YEAR SCAFFOLD AND ACCESS EQUIPMENT CONTRACT WITH WOODSIDE
Announcent notes prior relationship
https://www.gcs.group/assets/releas...s-four-year-access-contract-with-Woodside.pdf

October 15
SRG GLOBAL AWARDED ~$30M DESIGN, SUPPLY & FACADE INSTALLATION CONTRACT, BRISBANE
Highlights:
• SRG Global secures a substantial ~$30.0m curtain wall facade
contract for the development of an 82-level residential tower at the 300 George St development in the Brisbane Central Business District (‘CBD’
• This is the third tower within this development to be awarded to SRG Global’s facade division
https://www.gcs.group/assets/release/2018/SRG-Global-awarded-substantial-30m-facade-contract.pdf

October 18
SRG GLOBAL SECURES ~$20M DRILLING CONTRACT WITH DOWNER AT BMA’s BLACKWATER COAL MINE IN QUEENSLAND
Highlights:
• SRG Global secures ~$20m drilling contract with Downer at BMA’s
Blackwater Coal Mine
• Contract term approximately 2.5 years
• Further strengthens SRG Global’s mining customer base
https://www.gcs.group/assets/release/2018/SRG-Global-secures-20m-drilling-contract2.pdf

They are well connected . - relationships with Downer , Woodside, Lendlease, Multiplex and more, the sectors they target are undergoing huge expansion and they are all Australian .

And the dividend ....6% which is 100% franked.