"selling out at $2.15 in January 2012. I thought then that...

"selling out at $2.15 in January 2012. I thought then that valuation was looking a little heavy"

so you were wrong then - what makes anyone believe you are correct now?

I don't really agree with much of what you have mentioned - Tox are exposed to mining/energy sectors in WA, but hold a diverse portfolio of work across the eastern states with average exposure to resource areas.

Tox have contracts for supply of services to large projects in these areas also - not heavy exposure to random and adhoc non contracted industrial services.

acquiring Wanless at the top of the earnings cycle? no way.

why would you read TPI's broad and non specific announcement update as relevant to Tox? TPI is a basket case, a fat bloated organisation desperately attempting to streamline multiple roles performing the same work, desperate to patch together multiple systems into one (and failing in this endeavour), a desperately poor culture, working through board and senior management knifings and backstabbing over the past few years. the CEO has given up - says a lot.

TPI has very little in common with Tox.
Your comment could be used as an argument for every waste organisation - but in tough times, waste is fairly stable and predictable.

i'm not touching Tox for different reasons, mainly because I want to watch and see how the acquisition of Wanless is integrated and whether the advertised returns materialise - which I do not for a second believe they will. but I think this is a sound business, and unlike TPI (and until Wanless), they have acquired well and within their means.

no barge pole, but staying on the sidelines for a bit to watch and wait out the SPP and integration of Wanless - also looking to see what the strategic plan is for the future with solid and industrial waste offerings now available.