Ann: Supreme Court Decisions, page-54

There's three main positives remaining despite the risks.

The first is the Middlemount contract. ANZ are lending $80m against that alone and last time I checked bankers don't do 100% LVR's on mining contracts. So there's a lot of value there.

The second is apart from this stuff up they have traditionally performed quite well on their construction contracts with the potential for Forrestfield to come through.

A sale of the Middlemount contract (or the entire mining division) would bring in a lot of cash.

Finally, while NTA may be a misleading, they have taken the big impairments to their mining fleet so any sell down of idle equipment should be close to these figures making NTA a lot more realistic than what it was. Still when you deduct the tax assets it is closer to 35 cents.

Too much debt so still so good chance of a cap raise. The other solution is they may look to sell the company to a suitor. The Middlemount contract and potential around Forrestfield should make it attractive to someone.