Is Dividend Sustainable?, page-18

Yes it is an interesting business with a lot of moving parts.

Yesterday's move appears now to have been re-evaluated by the market to be nothing sinister about the company's position. I did see someone tweet the other day that every recent resignation of a CEO or CFO in ASX200 companies has been followed by a share price hammering. A resignation to join another company is a bit different.

In broad terms I like the theme of underground mining being the future of the mining industry. If you look at all the large new deposits a much greater share are going to be underground. The Barminco acquisition therefore makes a lot of sense. How they integrate this business will be a key as I've heard that in the past when underground mining companies have been integrated into a larger contractor the UG skills have been lost and the UG business gradually dwindles. Other specialist UG contractors have them come in to win those contracts.

Ausdrill's looks like it had a bit of a rough run with contracts and the former MD retiring and selling all his shares. I like that they have a good percentage of US$ earnings.

I bought in at $1.09 a couple of weeks ago.