Well said.I'm also interested in how the RCR divisions will...

Well said.

I'm also interested in how the RCR divisions will behave when transplanted into NRW:

- What liabilities come with these new divisions?
- How much bidding is in the pipeline waiting for contracts to drop (probably some of the the same projects as NRW have been bidding on for different work - NRW might get a revenue boost almost immediately for 2020H1)?
- What is in the RCR Mining division when you take away RCR Mining Technology and what are their plans for it (minor point that is sort of glossed over in the announcements or maybe I'm missing something)?
- The FY2018 margins for the RCR Resources division was poor (approx $2m EBIT on $300m rev) but NRW says the 2 key parts generated $110m rev in the same year and will be eps accretive on $10m cost - how will this all actually play out in FY2020? (I'll ignore the 2019 numbers as you say, the one offs (maybe including redundancies) will likely make it look bad.
- How much work was generated historically by the RCR divisions that NRW does not have?
- How will NRW generate new work for these divisions? (maybe perfect timing, maybe will take time to calibrate)

second level: 

- Was the focus on solar reducing the amount of capital being spent in these divisions? (may need more capital, like Hughes)
- Was the focus on solar reducing the amount of attention, strategic effort being spent in these divisions? (may improve performance with relatively low effort now they are strategic to NRW)

Most of this will take time to gauge - probably not until late calendar 2019 will we get some visibility. FWIW, my approach is to consider how they have gone with Hughes Drilling and Goldings and take NRW at its word based on that performance.

For me the next step is to go back and look at the projects they've worked on over the past few years and get a better feel for what they do. Also to see if the RCR reports going back give or hint at margins and revenue volatility.

All up, I'm very happy at first blush. I almost posted a "what if NRW bought some of RCR's engineering capabilities?" post a month ago when they said there were buyers lining up, but I thought the lot would get snapped up by someone larger tbh.

Cheers,
pb