Ann: Change of Director's Interest Notice, page-3

This is a good observation by Dalqeu43. Also it can be family buyers trying to build their rationale for maintaining control of the business, when they know there will be increasing disquiet amongst the balance of shareholders.

("Look at our commitment", "We're here long term", "You can count on us", "Look where we put our money" etc etc)

You can get into a stock so deep that you're compelled to ride it the whole way, good or bad.

And bad it is. This stock is a huge value trap. Look at their recent FY accounts and it's clear that they have:

(a) about $40m in overheads annually (and growing, e.g. the new appointment from Leighton who would add at least another $1m);
(b) only c. $200m of work as at "June 2015" and they haven't won anything since - i.e. as at 30 September they will have almost no work left (while other construction businesses are actually still winning enough work to do well. Some are even growing);
(c) a low tech village in Gladstone with poor occupancy and a "Hail Mary" reliance on shutdown work in the future being used to justify a strange valuation that is more than the entire market value of the company;
(d) dividend obligations of about $25m cash annually;
(e) about $40m cash after the recent final dividend; and
(f) no real diversification (the Govt work is 90% the Manus work which is finished, one year on and SAS Telecom, the superstar IT business, has an "under construction" website still, there's plenty of SMP and infrastructure work in the market but they obviously can't get a look in etc etc).

You read this site and they have real public relations issues as well. They have a large body of strong detractors. Sounds like the whole place has been de-energized by a poor culture.

The only positive I see is that management isn't throwing good money after bad and has put a stop to the share buyback.