Forrestfield Tunnel Press, page-2

That story has been around for while Sabine - and while it's not nice for the residents involved pretty much every urban large scale project creates some problems for some people. It doesn't mean the project is doomed or doesn't create value for the shareholders of the construction companies.

With Altura's takeover possibility, FAL's noise and questions about the Golding coal project, there is a fair bit of noise and uncertainty around NWH and strong share prices and uncertainty don't go together. Luckily uncertainty and bad news are not the same thing and confirmed bad news is the thing that damages value, not uncertainty.

For me (FWIW dyor etc):
- Altura: I'd give NWH an excellent chance to keep the contract even if Shaanxxi takes control - they've done a great job so far by all accounts and the takeover is about control of supply not access to new contracting work as far as I can see
- FAL: Why do government contracts if you can't get variances for this type of situation. I'm thinking SI (not NWH who might have been desperate for work when bidding) - let's face it, NWH isn't actually digging tunnels
- Golding: worst case they walk away and find other work (as someone else said)

The big risk for NWH is that by FY2019 final results, we haven't actually grown revenue - I think. The rest is just shorter term noise but highly visible. Easier to hold or buy now than at $1.70 and all positive news for me at least.