I would think unlikely to see any sort of re-rating to the...

I would think unlikely to see any sort of re-rating to the sector. Ausenco and Industrea have both been hit hard. I feel that Ammtec may trade around this level for some time.

The guidance was actually not all that bad, while the full year profit was downgraded to $8.7m from $10m, part of this reduction was the costs associated to the sale of PSI falling through and the deferred payment to the vendors of the Marc business ($1.5m).

The greater issue that Ammtec will face will be the reduction in capex, downsizing of mines and other new mines being deferred.

If they could offload PSI for a good return, keep costs down, get a sizeable amount of uranium work, then you may see a re-rating, but lets just hope some predator doesnt make a play for them. I can tell, if its not above $4.50, I wouldn't be entertaining the idea and I'm sure Rod Smith and the board would have a similar view.

P