I agree with you Dlight, having said that in being honest I've...

I agree with you Dlight, having said that in being honest I've been accumulating. It's absolute bs for SHJ not to have declared a proper divi and pressure should be brought. They're too disrespectful to shareholders who need to start making their presence felt. There is way too much over provisioning and writeoffs, all designed to hoard money, the mariana trench could fit into the gap left by poetic accounting. $24M Gross $10M Net - Come of it !!!!!! Too many times SHJ, taxman must be watching. Gross V Net last 3 years???? Hurts us not you.

IMO The good news is:
1) SHJ now makes a $1m EBIT per week, seriously profitable and it must be the most robust company on the ASX. Not bad for a company valued at $150M, it would still be good for a company valued at $350M
2) It looks like they are hiding profit and not the other way around!!!!!!!
3) They're running out of accounting loop holes, the provision bucket is over full, and they're getting desperate with statutory writedowns. 'Loss of Use' ...... Come on! I wonder how some of those old $10m write-offs we suffered through have gone ??? there certainly is no corresponding reduction in profit. weren't these in the now booming non PL sector??? hmmmm, should we revisit the mining one??
4) NTA is $1.17 (could've been $1.40+ without write downs)
5) They're making much more money, more steadily than when the prices were north of $3. Taking their accounting Fudge out they have made money every HY since listing, if you standardised the Provisions and reduced unnecessary Write-offs SHJ is undoubtedly a consistent top market performer over 5 years which should have slowly plotted its way towards $3. Accounting was the problem then, Accounting is the problem now its just the pendulum has swung from overstating to understating profit.
6) Divi - tight fisted divi will still go 6-7%p.a ROI which is spectacular with money so cheap and no returns available via bonds. If you're looking for income ahead of cap gains theres very few places better.
7) Divi - A special Divi must be due, they have $50M in the bank. Every 1c costs $1.7M they could easily drop 5c and not even blink. They should've dropped 5c this HY and put their creative accounting aside to thank the share holders for taking part in the $40M J&J gamble, we allowed for that to be internally funded! we faced a pounding if not won, so fairs fair!!!
8) Even with the accounting lead sail, all of the valuation matircs are off the scale, and profit/performance has been steady and predictable for years and is supported by a huge pipeline of business. It is not performance hampering this company, the performance could not be any better. It is majority control and profit hiding/hoarding.

Yes its great to reduce Tax but it also avoids Divi and artificially holds down both the NTA and Share Price. Please take smart/tricky accounting out and show real performance. $24M Gross less $5M deductions less 30% Tax = $15M NET per half year. thats $30m Annual , allowing for 8c divi (fully franked at 40% promised) and 12c increase in NTA. Your not only outsmarting the ATO you're outsmarting us

SHJ bumped up their depreciation by over $1M this half alone and added in this little (New standards) beauty 'right of use' assets reduction from $40M to $37M

A right of use asset refers to the amount recognized by a lessee on its balance sheet that represents its right to use an asset under a lease contract. It is either presented on the face of the balance sheet or as part of fixed assets.

Thats $4m profit gone in a puff of smoke

its time to put down profit evaporation tools and to start treating shareholders properly, a true $15M Net profit on both ends of this year with corresponding 8c divi would have SHJ trading towards $2 with instos lining up to get on board especially if majority control was kyboshed.

Yes you're amazing. Yes you've built an amazing business but it was your choice to list it and deal with the public so you need to stop pretending SHJ is a private entity and put away the magic markers; we dont want you to save tax we want you to add to NTA and pay dividends.
Declare the proper profits, pay the proper dividends, pay the tax for franking credits and everyone is happy, you're still going to be worth over a hundred million each especially once the shareprice doubles.

$50M in the bank can't stay put returning 0.5% interest. So its probably part pay down loans where no penalty applies, part ( fingers crossed ) special divi and part significant acquisition ( good time to be doing such as they wont be competing against S&G and MB needs to do private raising plus 10% discount for cash The problem SHJ will have with this cash is it is not worth anywhere near script so they may not be able to spend it. I would take $1m in SHJ shares at 90c over $1m cash all day every day. With $30M they could add $10M of Gross profit easy, meh $60M GP/$200M Turnover/ $400M of billed work/ $90M future tax provisions----- why bother ASX.
OR
if S&S think 90c is OK why don't we suggest to buy back 20m SHJ shares from each of them off market? It would only costs $36M but would reduce the count to 130M, so divi and all matrics would go up by 25%. Their combined shareholdings would go down to a much more manageable <30% and stock price may go screaming towards $2 so their portfolio values could actually increase. We could even do a little magic marker work so the NTA stayed above $1 ??? Any chance??? If no , please remember if 90c is not OK for you its not OK for us either, please fix the SP; the solution is very, very simple.