2017 AGM, page-42

It’s been interesting to see that the enthusiasm for NRW is ‘capped’ for now - I think this is an arguably justifiable fear that the cycle will turn again just past the current pipeline of work IMO. This is supported by the share price graph since 2007!

I would not be surprised at all if we get a decent IO win and then see at least some of the fund managers exiting their positions. Over the past year when they mentioned NRW, the investment case had a short term feel to it. This will keep a cap on things again for a while, although probably more like at the $2 level that a few of you have mentioned.

The bigger picture then for the people thinking past this is - what is in store for NRW for the coming 3-4 years: what will the fy2019 results say about the outlook for example. As things unfold, and if it starts to look steady in the medium term then we will really get the re-rating we are looking for as we shed the ‘post-traumatic stress’ of 2 share price crashes since 2007.

Not without some risk, but an interesting scenario if it plays out, and it will require some patience.