The reason for the downward SP is they did $17.4m contract work for Upstream Production Solutions with TOGA [TIMOR SEA OIL & GAS AUSTRALIA PTY LTD] which entered voluntary admin on 20th sep2019. So will they get paid much of that? Will it affect profits? However, $17.4m divided by the share issue of 153.62m = $0.11 per share. So 11 cents per share of revenue might go. This may lose a few cents of profit? I don't think it will be too bad. Given that the SP has come down more than 20 cents, I feel it is safe to start accumulating. SP may still go down more. How much I don't know. Long term I feel this company is okay.
The reason for the downward SP is they did $17.4m contract work...
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$2.15 |
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Mkt cap ! $358.8M | |||
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|---|---|---|
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