Ann: Presentation on Half Year Results , page-4

I am not as negative as the thread on this stock. Yes they have had trouble converting tendering to contracted work but if you look at the latest accounts closely you will see that they are backed by an NTA of around the 38c mark. Comprised of $73m of plant and equipment, $15m for the groups headquarters and $6m for the company's development property mainly in port headland. So for a company with a current market cap o f $40m and relatively low debt i don't think the world is going to implode for them.

sure the contracts are not flowing as we would all like but a couple of key ones in the next 6-12 moths will see this stock at twice the price it is trading at now,


have a bit of faith./