Ann: Quarterly Investor Update, page-28

"Poor capital management". Really? I didn't hear too many people complaining when they announced the contract win....it was celebrated. The returns on each of those rigs was great. I think management have been excellent allocators of capital, they know the business inside out, have form with industry history and have been willing to walk away from marginal contracts where returns were not worthwhile. They're not chasing profitless revenue. I think that says a lot about them and their business acumen. One contract goes to crap and some shareholders are baying for blood. As to "bank guarantees, security, payment upfront?"....are you serious? Have you ever paid a builder or tradie up front for a build.....or do you make progress payments? That's not how it works sorry and that's why things like this are commonplace in business where a counter-party has to be held to the terms of a contract. The release alluded to a marked reduction in activity at the mine site. Who knows what's going on? Maybe mining grades didn't reconcile with the resource? Could be anything...

They've made provision for the impaired contract in the accounts as is prudent, it's not a "write off" yet. It could take time but recovery in large part is still possible. Nobody here knows of the circumstances that have given cause for a lack of payment for services rendered and until they do anything is hearsay. The counter-party is an established mining services company. If it's got assets & MSV has abided by the contract then it should get its hands on those funds in time. Let them do what they have to.

People on this forum want "clarity" & "transparency" but contracts are usually "commercially in confidence", they can't spell out everything and it could be prejudicial to their claim. Do you want competitors and potential future clients being privy to your terms? No, I wouldn't think so.

Board and management have been shareholder friendly, I've been invested with them since 2016 and I'm happy to continue backing them. This is a setback, a part of doing business, nothing more and for me another buying opportunity which I've done