DHG, you are better of asking the company for clarity :). my...

DHG, you are better of asking the company for clarity . my understanding below:

1. $16.9 M seems to be a milestone payment, ie due on completion of works (probably they are tied into Wartsila completion milestone). According to the announcement this has been done and they are free to invoice, PGX just wanted money earlier so they went for an adjudication of payment.

2. $16.9M will be in their accounts receivable balance, with the other side in their revenue numbers.

3. $54.0M booked on the balance sheet as work in progress and represents amounts TO BE CLAIMED... PGX hare hitting wartsilla up for $70.0M of which they have only booked $54.0M ($40.0M of this at zero margin).

4. It all depends on how much of the $70M they can settle on with Wartsilla. I reckon the market has already factored in that they will not recover all of the $54.0M (probably only half).

5. the forward order book and pipeline is what is holding the company up, investors coming in will not be interested in the slightest in the past (as they will factor the worst case in) and only buy for the future prospects- which are very good (ie current cash plus new cash from current order book, any recovery of the $54M will be a positive spin on the current SP).

In summary, there should be less focus on the Warsilla and more on all the good contracts they got coming up (which will easily absorb any of the past deeds).

No one is running for the hills, only 180k shares sold.... so i think i am correct in my analysis above.... perhaps i should write their announcements