massive discount to nav, page-3

Hi Graham.

I checked data again. You are quite right about 26c dividend in 2008.

Still, I won't be grumbling if they get back to 26c div, not 38c !

You are right that Leighton is a key factor. I see that the long term incentive plan for management, which would have diluted Leighton, was quietly pulled before the AGM.

I wonder what's afoot ? Leighton have got stuck into MacMahon, maybe they might do something here, even though Devine is hardly distressed.

On another front closely related to our mutual interest in PPX, you might want to look at PMP, which strikes me as a much better quality version of PPX in terms of upside potential, as its cashflow record is actually very strong. I've written more on the PMP thread. The new CEO, who is of the Price school, is a former non exec who had ample time to watch the previous CEO's Marchant style approach. Might be one to get your PXUPA money back without needing to be quite as "hands on" !