As the initiator of this post I'm obviously sticking by my...

As the initiator of this post I'm obviously sticking by my forecast of 4-6c for the second half.

8 cents is possible but would imagine the board would only pay this amount if they were very confident of a recovery in prospects (the revenue shortfall will flow into 2014 and they will win sufficient future contracts).

But NPAT for 2014 is probably looking like $50m-$60m at this stage. If they can do EPS of 20cps next year I'll be happy. Looking for a 8-10cps payout next year which still puts the stock on a massive yield.

The good thing about the debt is it is all equipment leases - obviously needs to be serviced with cash but this runs off with the leases. Basically CAPEX for the next few years should be less than accounting depreciation so there is the potential for the company to increase its dividend payout ratio which has been relatively conservative.

The company still looks like quite good value but keep in mind it isn't a great company. Its a service provider to large mining companies who wield pricing power and will be looking to cut costs.

I always look to NTA for a base value for these types of companies. A well run one should be worth more than NTA but you'd never want to pay multiples of NTA. Likewise when they trade at a discount to NTA they can represent value.

That's why I'm happy to hold. Stock is priced for plenty more downside news already and when combined with high dividends and discount to NTA looks good value at these prices.

Nice to see directors buying today too. They get investment decisions wrong too but at least they wouldn't be buying unless they thought it was cheap.