9 for 10 renounceable issue - cr @ 50c, page-10

We are looking at a forecast profit of only about $24m for this FY, 7.8 cps, based on the underwritten component, which seems very low when we are talking about billions of dollars of ships being built. Does not seem to leave much contingency for problems, warranty type repairs etc.

Anyway - I guess if I was motivated I could start trying to model some estimated cashflows. Could it be a bargain with the lumpy nature of cashflow and profits?

Lots of shares will be bought for 50c. I think the SP might fall to that level for a while, or lower if holders are unlucky.