Ann: FY24 Q3 quarterly result briefing, page-12

The price action and lack of liquidity in the offers is due to Soul Patts slowing down their selling as they have wound back their positions massively.

I also note the volatile price action so far has been on very small liquidity ie a couple of thousand shares to 48 cents and a couple of thousand shares back to 41.5 so i wouldnt read too much into this. The only benefit here is that this would have raised attention of other traders for MSV (i guess more attention = more interest which is good).

That being said, the lack of investment across the mining services in their plant/ equipment, and industry consolidation coupled with big miners needing to get more out of their existing mines to make the most of high prices (bhp calling out a 8x multiple to dig coal out vs iron ore) means their is tight supply and better go forward pricing tension for these service providers - particularly the drillers such as MSV.

I look forward to a solid qtr result with minimal noise - apart from solid EBITDA and EBT.