Ann: Cardno Provides Market Update and FY16 Guidance, page-156

It may not be easy to time this as a one year trade. It is likely there will be another confected crap raise at a low price. It is not in everybody's interests for the share price to go up at this stage. Management teams want to lock in their bonus deals with the SP low, etc etc. Crescent want to add to their position. Energy and resources are still stuffed. Ideally you turn off the clock, and just focus on making sure they do not look like they will go broke (which I doubt they will). The ideal time to sell will be when resources are doing super well or after another BP type contract gets picked up.

All IMO