resources hammered, page-6

Sembawang was only interested in the Construction Business.

MAH is now just a LEI rubbish bin. LEI has a controlling stake in MAH and a lap dog relationship with the MAH Directors - "we'll keep you employed, and you shaft all other shareholders to the benefit of LEI".

This is why there will be no takeover of the MAH Mining business unless its by LEI on terms similar to its fire sale purchase of the MAH Construction Business.

I had a little look back at the days in which MAH was the suitor. In 2008 MAH offered 1.45 MAH shares for each ASL (Ausdrill) share. Ausdrill is a similar company in a similar industry. MAH was unsuccessful (luckily for ASL shareholders).

If MAH were to attempt that takeover today, it would need to offer 10 MAH shares for each ASL share (and that's after a recent profit downgrade and associated sp drop by ASL this week. Incidentally, ASLs reduced profit forecast $96m is still one that MAH could only dream of).

So similar companies in the same industry and one has performed 8 times better than the other over the past 5 years ..... explanation? How can it be anything other than the performance of the Boards / Management?