My calculations suggest $30m net cash and $25m pro-forma EBITDA before Grosvenor.
I believe they have three contracts with Anglo, Moranbah North, Aquilla and Grosvenor, with Grosvenor the smallest of the three.
Given it was not marked price sensitive I suggest revenue <10% of group pro-forma so $25m, which may be a loss of ~$3m-$4m EBITDA. DYOR.
This is before these workers/equipment are redeployed, and with their tender pipeline and M Resources as major shareholder, there is a good chance of quick redeployment.
Cheap (EV/EBITDA<2.0x), maybe cheap for a reason but some contract wins (and a dividend) would be nice!
Ann: Grosvenor Project Update, page-18
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