That's the bear case, and it"s fair enough.I am working on the...

That's the bear case, and it"s fair enough.

I am working on the assumptions that the cranes still have some value. There is over $500m of the stuff on the balance sheet, much of it brand new.

My point being that selling surplus kit is the obvious option. The shares already trade at at a 77% discount to NAV. If you can sell the older kit at say a 5-10% discount to NAV, you achieve a lot more for shareholder value than a dilutive 5c rights issue !

See also the company"s comments on capital management. The whole emphasis was on returning money or value to shareholders from the balance sheet, not asking for more !!! I reckon the company will start to buy back its own stock soon.