Ann: Nomad Market Update, page-2

They spent another $2.7m at Port Hedland. They did not mention this expenditure in any of their previous presentations, even though they continuously harped on about the strength of the balance sheet. In the space of just over 6 months, the cash hoard has halved. A big negative tick for management. Everything else is going pear shaped: McGrath underperformed, Karratha is now in big trouble, sale of Derby now requires a specialist, overhang of onerous lease to 2019 not solved yet, outstanding legacy claims not settled yet.