Are the current investors aware WTP is selling for way less than it's Cash?, page-8

Hi Dark

The Watpac cash figure is amazing at $237.395m compared to a market cap of $143.23m but I have seen some unusual figures in the Trade Payables. The total Trade Payable is $292.448m and in that figure is $244.52m of Subcontractors Accrual and Payable. It seems to me that these two figures are money owed to Subcontractors for work expected to be paid or already owed. If the work was done by Watpac's own employers, then it would perhaps have already been paid and there would be no net cash left over.

I still like Watpac just the same and I have been a buyer recently.

If anyone can interpret this situation better than me, I would be happy to hear it.

GPASAS