Even if you don't have time to read all 8 pages the address by...

Even if you don't have time to read all 8 pages the address by UGL Chair and CEO on p.2 says it all. It re-asserts that the UGL model is low operational risk, focused on providing essential services, has numerous diverse sources of recurring income, bad debtors absolutely under control, minimising capital risk, record order book and poised to seize opportunities provided by Govts increased infrastructure spending.
But if i had to choose just one sentence from the letter soaked with good news and optimism it is: 'Our probability-weighted tendering pipeline - that is, the work we think we have a relatively high chance of winning - stands at a FURTHER (my emphasis) $6Bn, AND we are bidding for several significant long-term contracts."

Hence, at 31/12/08 UGL order book stodd at $8.3Bn. They are confident of winning another 6Bn in contracts (remember this CEO prides himself in understating and over-delivering.hence, if he is confident then so am I). In addition UGL has several large bids on the table. AND the eddington list is not part of any of the above.

SP fals after open by 3%. Now trading down 2% on ultra-low vols. super buying opportunity IMO.