The MAH acquisition just announced is very interesting IMHO....

The MAH acquisition just announced is very interesting IMHO. Maybe also sort of related to the new significant shareholder? I.e. NRW’s acquisition is seen as a strong strategic move now being copied by MAH? Value Managers are looking for second level ideas to invest in. First level is NRW recovers and does what it’s good at as mining services gets some cyclical recovery tailwinds. Second level - significant east coast infrastructure expenditure means smaller civil and services companies in Queensland which have been under pressure present an opportunity fo larger companies to acquire the contacts, local presence and accreditation and add their financial scale to create a step change in business size to compete with the larger players. No surprises for us here just sometimes we focus on different things. The first major civil contract (if it happens) on the east coast will crystallise this - a nice catalyst for the market to see NRW in a different light. (Funds managers obviously like potential events too where it becomes clear even to sceptics that something important has happened).