We know the following: Positives: - NTA 18c; - Gold Fields -...

We know the following:

Positives:
- NTA 18c;
- Gold Fields - extended contract 18/12 - leveraging under-utilised assets;
- most operations appear to be performing well;
- still on track with FY16 revenue forecast of $330-360M.

Negatives:
- Nigerian business has been underperforming;
- increased capital requirements in 1H16 to kick-start new projects;
- Challenging market conditions continue to weigh on the sector;
- no recent news on the shareholder class action announced 9-Nov-15.

Net cash position at 30-Jun-15 of $74.2M
Net cash position at 31-Dec-15 of $66.7M

Assuming Net Cash will be somewhere in the $50'sM at 30-Jun-2016

Macmahon has spare capacity for some underground contracts but contracting market is v. challenging atm.

When Macmahon are not in the market with share buyback there is a natural drift down with no news IMO.