herd on the terrace, page-31

Looks like Patersons might be close with $16.5M closing cash for CY 16. On $7M NPAt taking the cash from the MC they will produce $7M NPAT from an EV of $21M. Question is how fast can they replace the revenue from the Gorgon project when it winds down in 12-18 months. Hence the falling share price as investors lose faith in management with no new contracts or extensions being announced. At this juncture you either back management or you don't. Those that don't are showing their hands now and have made the assumption that with no new contracts/extensions being announced that Tempo is having difficultly locking down new contracts/extensions. I'm happy to be patient and continue building a position as others leave the party.