It is worth noting that Cape have taken away 2 big contracts in direct competition with PCG in the last month - the BP Refinery in Kwinana and Kashagan contract in the Middle East. That's close to $20M of work over 2-3 years that Cape have won in direct competition with PCG in the last month.
As much as i believe in the management at PCG, there comes a time when a selling price becomes too good to refuse. Cape have had operational difficulties for a long time due mainly to legacy issues (i.e. asbestos issues), but they're turning around strongly now and getting their act into gear - their share price has appreciated roughly 30-fold in the last 5 years, which is an amazing performance in anyone's books. Cape's continue turnaround is not good news for PCG. $1.40+ would probably have me.
PCG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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