Another tiddler, page-15

I cannot see any evidence within Brierty to conclude what you have just said:

They have made 2 mistakes : One was the advice to pay out the $10 million special dividend to utilise the franking credits... The other was ( my opinion) not managing their civil contracts closely enough. I suspect that the tendering but also the managing in this division is the problem. the property has made good profits over the years and the mining has been okay as well. the Civil seems to be hit and miss.

That there is a problem I have no doubt.

I dont think Macmahon as that bad as well - they had Mongolia but it also looks like they took a washout on the plant as well.

There are probably far better examples for what you have implied.

Both companies have been regular earners and in some ways I think BYL is better although I own shares in both. New investments - or relatively so.

BYL has made money - even last year and yes this year will be a blowout but I think thats something they should have addressed last year when the issue arose - I know its not popular but I think they should do a rights issue to repair the balance sheet - I dont know how much but I personally think they need around $6 million - I know no-one wants to hear that but this loss is a real loss and they already have carryover issues with bankers from last year I would rather invest more and get managements salaries and remuneration aligned with investors. I think the difference I have with you is that it has been in the past in BYL but with the founder departing as a director (which I think is good) professional management has no skin in the game other than free incentives...

I think there is a good chance of a revival here if they start getting focus - They dont need much more capital and can get on top of this if they work a plan. What will cause them to be a Zombie company is if they dont address the issues - I think both MAH and BYL are doing that - many other examples havent.