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Investors are waiting to see what management decide to do with free cashflow this half. If they elect to pay a distribution whilst also paying down debt I personally believe we will see a share price re-rate to high teens.

It’s important to remember that they elected to invest back into the business by continuing to replenish the old fleet with newer units which will allow capacity for growth. They did this whilst also paying an interim dividend for HYFY22.

If we get say a 0.5c - 1c in February, and a 0.5c payment at end of FY23 then I don’t see how the SP could remain where it is. A full year dividend of 1.5c is 10% yield. Not bad for a micro cap trading at > 40% lower than its NTA.