Ann: 2023 Half Year Results Presentation, page-25

Thanks for the reply. I was being lazy – I have held MND for years as a dividend-paying stock, and I have tended not to watch MND as closely as I did years ago. In respect to dividends received, MND not disappointed me. However, recent SP weakness means my on-paper capital gains are now near-zero. I hold 4,440 shares at a buy price of $10.688, but I'll just sit out the current negative zeitgeist.

I hold NWH and LYL, which I watch with more interest, and hence I am aware of the view in the sector that there is more work hurtling down the pike than there is capacity to handle it. This should allow service suppliers to be more price and risk disciplined. As you know, LYL is selective in respect to both pricing and risk sharing, so it makes good margins. Also, like MND, LYL has a high dividend pay-out ratio. NWH has a lot to learn to become more LYL-like, but I hope to see better margins in future as NWH learns to focuses on delivering more smarts and less brawn, and it does what management said it would do – be prepared to lose some tenders due to disciplined approach to pricing and risk. Time will tell if NWH delivers on its potential.