Ann: Becoming a substantial holder, page-10

Perhaps both, but I personally have very little interest in who enters or exits the share register. In the Eoroz thread I suggested that the rest of the Eliwana rail formation is likely to be announced within days or weeks. That should be a $250m+ contact if I can rely on sucking my thumb. It looks like another significant civil contract related to iron-ore-replacement-tonnage projects should also be announced, which may be in respect of Eliwana too, and if not Eliwana, Koodeideri.

There are so many current NWH tenders awaiting decisions, $1.1b worth of them, that we can be assured that NWH is going to land as much work as it can conveniently handle. It already has some $1.1b in hand for FY20, which is what FY19 revenue is expected to be. Management is probably more interested in contracts that are going to underwrite FY21 and FY22 so that NWH can organise its teams, fleet and cash-flow in an optimal manner. The actual announcements are part of the bread and circuses pabulum dished out to satisfy the shareholder's appetites for news. It's like the news that Scipio Africanus dished out about his exploits in North Africa that resulted in the saying, "Ex Africa aliquid semper novi." ("Out of Africa, always something new."). For NWH, in recent years the saying "From NWH, always something good" has been apt.