bit of short covering, page-6

- decent recurring revenue stream from Searipple (albeit at much reduced levels)
- Osprey housing village joint initiative with Govt potential pilot for other similar Govt/Private housing schemes
-somewhat diversified away from Resources with BRB aquisition
-strong focus on costs at RV business
-historical returns of RV business perhaps not reflective of future
-Strong balance sheet
-real ownership by Board and some senior management
-sentiment extremely negative
-strong track record of not chasing unprofitable growth
-Material inflation and cost of labour pressures mean traditional home construction in Australia and especially WA must change....

Patience is a must and no expectation of 2H dividend as clearly payout ratio was too high 1H but given time think they can earn 40cps which should see the stock trade north of $5

cheers!