most expensive ms on asx - 3+ x nta, page-4

Risky position Bobbysox.

What you must consider is that a lot of MS are also in the same position, many without the diversity of revenue and exposure to royhill.

ANZ has removed the covenants, so I am not sure that gearing will be an issue in the short term. KordaMenta are on board so I do expect to see a CR/equity stake sold at a steep discount. Even if FGE were to do it at 50% discount, it could well be at 1 and would guarantee its life.

The NTA argument also needs to consider what is the actual asset. Boart has a lot of idle drillers for example, FGE doesn't for example the steel fabrication plant that FGE picked up with Taggart acquisition.

All imo. Its a hold long for me. I wouldn't want to be short. A takeover/defence contract win could really spike the sp.

Don't get me wrong, I still think there is considerable risk but its nothing a steep CR won't resolve which looks still better than 50c at this stage.