Ann: Diggers & Dealers Presentation J Pemberton CEO, page-17

On popularity

I do not think Management would declare a dividend just to get shareholders on side in the short term. Management's job is to run the company in the best interest of investors in the long term, and if NWH wants a slice of the barrage of work often mentioned in this subforum, it may need CAPEX funds to expand/replace the fleet to handle the work. Hiring equipment is usually an expensive option that should, usually, only be used in the short term

It makes no difference if retail investors sell shares, because that is counter-balanced by those who buy what is sold – the company's equity stays the same. The day that Jules starts behaving as Mr Popular, or Mr Politically Correct, is the day that I'll start thinking of exiting my position in NWH.

On surprises

There was nothing surprisingly new in the material presented, and neither should there be, because we shareholders should be told of significant news before it is blabbed to all and sundry. Two historical things interested me – a) that NWH had performed a meaningful rail-building task for FMG in the past, which when added to other rail-building projects, bodes well for any attempt to land similar contracts; and b) the extensive amount of conveyor-belt work done in the past, which suggests that there may be an opening to move higher up the value chain for conveyor-belt projects. The last point would have to consider the competition, because trying to beat up the tough guys in one's neighbourhood is never a smart thing to do.