July 4 fears, page-23

My forecasts were then based on a valuation of the company in the context of its existing businesses, the opportunities available to it, its debt situation and its potential if someone capable was at the helm.

The banks could not refuse the new man at the helm based no his track record at Eltin. More importantly the company had a significant number of highly profitable contracts in the bag and the banks did not have th option of winding them up under those circumstances.

At present I believe MacMahon's is trading at a premium like alll good companies do. As to whether or not anyone should sell is s personal choice and dependant upon when you bought into the stock. If you bought at 15 cents and below then sell and don't get too greedy. That's the casino mentality. If you bought at 20 cents to 25 cents then maybe hold. But my assessment of the companies future is steady and not "El Dorado!!".

Construction and contract miners are heavily geared usually because of the plant and equipment and costs they carry on each job.

MacMahon like any other company in its class is also at the mercy of the world and domestic economies. If you suspect a downturn at any stage you should exit now and hold cash and like the cat stlking a mouse, wait and watch when to pounce next.

Cheers