I think the creative accounting was done beforehand ...before it went pear shaped !
As far as doing the numbers now goes, Andrew Walsh the CFO at NRW is brilliant - he was CFO at Clough then went to RCR for three years during which time that company did very well......and I am 100% convinced RCR would not be in administration today except Dagleish decided to appoint his UGL mate Andrew Phipps (at which point everything retrospectively started to go pear-shaped
https://thewest.com.au/news/wa/rcr-appoints-sydney-based-cfo-ng-ya-360107.)
Andrew did an incredible deal securing Golding Contractors for NRW last year ( the company just doubled its revenue on H2 last year and increased profit by something like 45%.)
Here ?
He and Jules Pemberton the CEO have decided to support the project
Obviously it
is an NRW project and ‘they’ want go keep it going but I don’t believe NRW would be putting money into it if it did not have good reason to be confident ( it knows how to walk away from a bad deal as proved with Samsung debacle in 2015).
Also a few weeks ago (November 22) NRW secured a new finance agreement with CBA’s Bankwest division .
Coincidentally ? ...CBA subsequently announced an increased position here on December 19.
Cheers
