Ann: Appendix 4C - quarterly, page-11

Hi Gusman, it's sure easy to miss but under the cash balance table in small font they explain that: "In the previous quarterly report, the cash balance was reported as ~$8,154,000. Due to administrative delays, bank guarantees totalling net $508k intended for release in December were received in January 2020." So certainly nothing dodgy going on just an admin timing thing!

I know a while back you compared WSI with its ASX peers in a post; are you invested in and/or following any of the other stocks in this space at the moment? My favourite has been and still is WSI because it has so much more capital growth upside coming off an extremely low base. WSI sure is underperforming its peers by a long way though the past few months in terms of contract wins and share price performance. There weren't any reassuring updates during peak COVID saying no material interruptions to work so the price tanks extra hard and then zero contract wins in five months so the market has well and truly lost patience here!

I suspect there should be at least a couple of contract wins before the end of the quarter given sector peers are still winning work. I have a theory that perhaps they have changed their tendering strategy to try to win higher margin work but in the short-term, they are getting beaten by the competition who foolishly seem to chase revenue at all cost.

The quarterly cash results have been disappointing the market since the sensational (too good to be true) June quarterly last year... WSI clearly received lots of contract $ in advance that quarter and then ever since it's been back to the usual cash milestone payments only after the work is actually done. If they ever receive serious $ in advance again you wonder if the market will fall for it twice... probably not is my guess!

Overall, I still see lots of upside here as the market has completely lost faith (sentiment can quickly turnaround), the market cap is extremely low with adequate net cash, contract wins should eventually come in and perhaps above all the management teams own half the company so have every self-interest to perform over the long-term.

Keen to hear your thoughts Gusman! And also those of anyone else still patiently following along!