Hi Jacko, and hello all, and happy new year happy new NRW...

Hi Jacko, and hello all, and happy new year happy new NRW holders

... What about ;
option 5) - a ‘devotion priority’ based on number of Hot Copper posts ?
...
?


...Someone who did have priority is UBS, who arranged and underwrote the capital raise along with Euroz ;
.. “UBS AG, Australia Branch acted as sole underwriter and lead manager and Euroz Securities Limited served as co-manager to the Placement.
Longreach Capital acted as financial advisor to NRW.”
https://investorinsight.com.au/home/nrw-shares-soar-as-investors-back-120m-bgcc-raising



From the UBS November 30 Microcap Fund update:
https://www.ubs.com/content/dam/static/asset_management/australia/factsheets/ubs_microcap.pdf
“Positive contributors for November included NRW Holdings, EML Payments and Saracen Minerals (not held).
NRW Holdings outperformed after announcing details of the long speculated acquisition of BGC Contracting and associated equity raising.
The deal – which appears well priced and improves both the scale and diversity of the company’s earnings – is expected to be significantly accretive to earnings.
We remain positive on the outlook for the company’s key resources and civil infrastructure markets, and note the increased exposure the deal provides to the less volatile maintenance industry...
......
.. At a stock level, NRW Holdings (NWH, +33.3%) made the highest return in the benchmark after announcing a highly EPS accretive $120mn acquisition“


Here (again) is part of the UBS broker report following the cash raising from ********* on December 3 ; (https://www.*********.com.au/2019/12/03/nrw-holdings-diversifies-growth-options/)
.. “UBS points out NRW is operating at mines that have long lives and BGC Contracting adds commodity diversification and further visibility. While the broker has a Buy rating and $3.85 target, a risk discount is retained on the stock, considered necessary because of the lack of detail on specific contracts.
The main positives are the incremental growth opportunities in Western Australian infrastructure and more scale in recurring maintenance works.

However, the broker would like further detail on the BGC Contracting depreciation schedule, which appears aggressive relative to NRW, as well as the divisional margins, in order to assess relative operating performance.
There is upside potential for synergies from procurement and deeper consolidation.

UBS estimates around US$19bn will be invested across 2018-22 in Western Australian iron ore replacement and sustaining capital projects. In light of NRW’s capability, the chance of winning tenders is skewed to the upside.

Specifically, UBS envisages potential from the award of the Eliwana and Ironbridge projects and assesses $650-700m per annum is obtainable in operating earnings from mining services, with a full-year contribution from the Golding contract and the ramp up of the $420m Baralaba contract.”