Good point regarding directors wanting to buy in at these...

Good point regarding directors wanting to buy in at these severely depressed prices. If I was a director and I could see a few rough quarters ahead but I could see the company would survive and eventually prosper again, I would definitely be buying at current 'liquidation' valuation levels.

So as you say they need to 'clear the way' first and release any market sensitive information. I'm suspecting it will be bad news, what the accountants should be doing is putting as many negative provisions and writedowns in the first half result as possible (see Big Bath accounting). This will ensure the second half of FY15 should be substantially higher.

Just spoke to a mate who works in a hedge fund overseas, says the mining services companies are way oversold and are due for not an 'overnight' bounce but that patience will be rewarded in 6 months to one years time, although he prefers NWH for a value play.

My sentiment is Hold or Buy depending on the announcement.