Ann: Wilsons Rapid Insights Conference 2022 Presentation, page-6

A merger would make perfect sense if allowed by competition overseers. I get they don't have much overlap in operational geographies which would be the main stumbling block along with Mitchell & Tumbridge blocking stakes. DDH could offer a 100% premium (and has the capacity to do so) and make it work but that is unlikely to happen. Mitchell & Tumbridge know this intimately. I seriously doubt they'd sell for a 100% premium from this starting price. Have a look at the multiples the Mitchell's held out for when they sold to AJL last time. The business was at the top of the cycle earnings but it would be circa $160million for MSV on comparable pricing today at the current depressed earnings. My guess is they're waiting at the least for nearer to top of cycle earnings (closer to $60mil EBITDA) along with a commensurately higher starting share price....they ain't giving this away for 60c a share.

Five years is an awful long time in a mining services cyclical. That requires extreme patience which we've had as arguably we're approaching that cyclical top. That's what we've been waiting for as our investing journey but unfortunately financials aren't reflecting where we are in the cycle. Hoping this shows a step change in the Sept quarterly.