poor sentiment, page-3

It is difficult to make out the future for AJL.

I do not have a lot of confidence in Allan Campbell - the Chairman/CEO.

The level of disclosure to shareholders has been poor.

The bonus payment to senior executives was very poor form.

The level of disclosure around the overseas investments and their associated cash costs has been poor.

How the company got itself into the situation of being unable to pay its tax bill yet able to pay previously undisclosed multi-million dollar bonuses to executives is almost beyond belief.

However despite the apparent questionable competence of the management team, the underlying business is in the right sectors - CSM drilling, water infrastructure and general construction.

At its current value the company represents good value (largely because the market has little confidence in its management team).

AJ Lucas is primed for a takeover. I am sure a new management team would relish the opportunity of getting their hands on this under-performing company.