JaaaThe point is that 90% happen ion the last month but everyone...

Jaaa

The point is that 90% happen ion the last month but everyone that has had their investments trashed has been in GTP and TIM which failed. I dont invest in these as I dont think that I want 10% to go to commission and a whole bunch more on the marketing and set-up costs. Thus my view has always been you do this for the tax break. If that is the case I would want to go with the strongest companies. Those by far look to be GUNNS and then Willmott - FEA , even if they get a covenant reprieve dont seem to have the resources to raise the capital needed to get this into a secure position.

For that reason in the past everyone thought everyone would survive so no real concern. After GTP and TIM and the extent of the problems once these two failed I think this year will be a low MIS year (And I think even lower than last year) and then as these projects are for 10 years and more the strength of the companies will play a major role in deciding who gets what. I dont know who will win but IMO FEA is at the back of the queue unless they are taken over or a white knight walks in as a cornerstone investor and is willing to put $100m plus on the table.

Those are my concerns and they really have made me sell out of WFL earlier and as FEA was a small punt I sold out there. If it was easy to get major shareholders to the table this covenant thing would have resolved itself a lot earlier IMO. I still think FEA is a good company its just running out of cash in a down part of the cycle.