agm: more of the same

chairmans presentation didn't inspire anything positive.

More of the same, trading conditions continue to be week, a $1.5 writedown due to a project going ahead (on the positive side this means they are watching cash flow)

More importantly profit will be down again this half year (even given a crappy 1st half last year).

Talks about an expectation of a recover in 2nd half,
but with profits still dropping I would be more careful.

I have a small allocation, but at the moment happy to wait on the side lines.

Any dividend wont be at their historical payout level because of debt, so even the dividend yld wont be attractive on this stock yet, given depressed earnings.

If share price drops to around $2.50 as another poster said, I might get more interested, but that's still a drop of 20%