i'm in...and why

Well I'm now on board at 20c.
20c too much, who knows, but what i do know is this.

Pro's
Bad news has been flushed out with appropriate write downs.
There appears to be communication open to the brokers still.
Pattersons reported 2/5/11 that about 50M of smaller contract works was added in the March qtr.
The banks appear comfortable with the companies capacity.
The latest interest cover announcement hinted to further wins.

Cons
The lack of communication to the general public has caused many holders to flee or if nothing else become nervous or uncertain.
Large tenders still in the wind.
Ship without a rudder - CEO (what was their succession plan?)

Neutral
NTA running at about 38c and therefore the sp running at a reasonable discount.
The buy sell stack was hideous this morning. About 3 sellers for every buyer.
It has come back to 2 to 1 already.
My guess this will change quickly with a positive communication from the company.

Summary
Company appears to be floating along nicely, however lacks leadership and vision...still / yawn.
Need a CEO that can articulate a plan and impart confidence in holders they are able to execute.
An appointment (CEO), better communication and acknowledgement of ongoing wins, small or large will have this back in the mid 20's in no time.
Question is, can they get these basics right? Well my money now says they can.
Mav