Ann: Curragh Contract Extension, page-36

Hi Parma, agree that there are a number of anticipated positive announcements in the coming months.

To me, in terms of valuation, the sleeper is the east coast infrastructure work.

From the announcement it seems the main game: “The business is highly complementary to NRW and with a well-recognised brand, represents an attractive platform for our company’s further expansion into the growing east coast civil and infrastructure markets, and coal and metalliferous mining sectors.”

There was also talk early on of tendering standalone (without a large JV partner) for infrastructure work.

Golding have done well so far with new mining contracts - maybe better than expected due to the coal rebound.

Fairly quiet on the infrastructure side so far. I don’t think the market is really attributing any value at all to that possibility.

A medium sized win there this year would make that idea real for analysts etc I believe.

Cheers
Pb