This is very much a stock for the patient. But in saying that,...

This is very much a stock for the patient. But in saying that, the upside from here is huge if all with GRL goes to plan. It's taken a while, but now GRL has an IP protected process, exclusive agreements with key suppliers, a strong balance sheet courtesy of Bovis, first mover advantage and an ever improving legislative environment against the landfilling of solid municipal waste, all tied into a 25 year government backed contract! Moreover, GRL with Lancashire (and other domestic rollouts) has critical mass to be spun out enabling a re-rating of Minproc that's not enjoying the same multiples as other contractors as it is not a clean play. While all this sounds good, it will still take time to evolve further from here. I personally don't want Macquarie to take this over as they aren't going to do us any real favours. It has taken a long time to get to this point, board restructures and other "issues" but it's drawing nearer to 2008, the time when the market can see that Lancashire has been delivered and shareholders can start enjoy very strong and sustained returns. One final point is that as this these projects mature and cash generation increases, GRD/GRL will turn from a growth company to a yield play. Fantastic for a long term super play.