Ann: NRW Contract Award, page-33

Why would anyone invest? To help with all the work they don't have? 50% of net cash and maybe 50% on recurring revenue of $200-300mil a year. That's what it is worth. even there. I'd say they are too slow cutting overheads and costs to win the small jobs. What's more I'd say they'll spend your savings working it out (better than sacking themselves - an unavoidable conflict of interest).

I'll go out on a limb and say they aren't worth saving if they can't work with what they have. There are companies like McMahon with better balance sheets that will work for free. They literally have a fleet sitting out in Bullsbrook doing nothing and are desperate to get it moving. I'd say they let it work for near nothing. No sane investor would throw money at NRW just to keep them in the ring. The returns would be bad for years. A merger is potentially good. Consolidation is required.

at25% of net tangible assets it is a good investment (even if return on capital is zero). If not, liquidation is the most profitable for shareholders. Capital raising will be the death of your shareholding given the current market cap and cash that would be talked about.