There is a fair bit of selling pressure from someone with a lot...

There is a fair bit of selling pressure from someone with a lot of shares but it could just be a large mhm holder exiting now that with the SP heading north of where it has been for a while.

Because the sell off cannot be for company fundamentals. At current price market cap is around 25m fully diluted, 9m cash in the bank, earnings before tax this year probably around 8 to 10m (minimum of $6m but I’m sure they will blow that out of the water) I’m and most importantly good management.

Management have shown they are shrewd operators turning this into a profitable and reputable business so quickly. Very impressed with what they have done so far - such as purchasing rigs from NZ where they are not needed now post earthquake and bringing them to WA where rigs are in very high demand.

Also If you read between the lines, they are also saving their final few rigs for multi year contracts with tier 1 companies after they finish their iso accreditations. These companies will likely want to lock in rigs into contracts even if they aren’t needed immediately such is the demand.

There is also so much room for growth, management have alluded to both bolt on and transformational acquisitions being reviewed. Again, I’m very confident in managements ability to assess these and further drive shareholder value.

I have bought quite a few shares in the last week on top of my previous holding and very excited for the next 24 months. The mining services sector is still a bit unloved however i think the growth in the company will time perfectly with the sector being back in favour.