I think they paid more than $18m, understand they have already...

I think they paid more than $18m, understand they have already written off $47m at Caminosca?
http://www.couriermail.com.au/busin...s/news-story/768cf69b609d533e0e2f74c750d51404
Caminosca was accounted for in the 2013 annual report, $90 million of good will acquired in Caminosca , Chemrisk, MM&A & EM Assist.
I would think there isn't too much more to write down but as I have mentioned before (and Markie) the directors are not particularly interested in talking up the stockprice here. They are probably slightly miffed we have bought up the stock from under them.
No debt though - that's pretty outstanding. I am not losing sleep over covenant breaches. How many ASX listed companies have no debt ? - neccessary capital raising my ass.
A write down on Caminosca may convieniently eat into profit next year but things are looking up in the U.S. oil and gas sector - which caused a significant amount of trouble in recent results.
The shareprice is not as attractive as it was but still pretty attractive for the long term I think.
I am going to hold until it starts paying 10c of dividend per annum again. It will be worth the wait.
Just a matter of divesting or closing non-performing acquistions. It's not rocket science.