Ann: Macmahon FY22 Investor Presentation, page-11

lovesapunt,

That is correct, though the finer details of this arrangement have never been properly explained.

My guess is that there is a 'preferred negotiation position' for MAH, but shareholders apparently don't need to know more.

Some time back, MF blamed C19 for the delay, but now we are not even deserving of a BS explanation.

We are left to mere conjecture.

I suspect the Indonesian mine owners are playing games with us. Cannot help wondering whether the last Chairman resignation wasn't linked to this, but in true MAH style that was not explained either.

Am a little comforted by Paradice continued holding, presuming they know more than we do.

We must be now close to Aus tax-paying, and ability to frank dividends. Time to reassess the ridiculously low 20% dividend pay-out ratio, and start running this company for shareholders.

That includes jacking up the returns on new contracts to targetted levels, or NOT SIGNING THEM.

Otherwise, we may as well close up, and trouser the 25.2 cents NTA!

If I was Chair, the first thing I would change is KPIs in management remuneration. There is little apparent focus on shareholder prosperity, and really nothing else matters.