1. How about a construction division that has increased its...

1. How about a construction division that has increased its order book by 50% since March?

2. A poor performing civil division that has been restructured/closed for a lot of short term pain - which leaves an underlying mining division that continues to perform reasonably. I think the smaller end of the sector where WTP is positioned will continue to see work - these guys can't afford the gear nor the capability to bring mining in-house.

3. As the property book continues to be sold old this will reduce the recent drain of holding costs (+interest) and the recent stream of impairments that has killed reported earnings.

The point I was trying to make as this has to be looked at a bit differently than the other mining services/construction players - the property book, even if sold off at a discount, supports a large portion of the share price.

Hypothetically, if WTP spun off its property book to shareholders, and say it was worth 50c, IMO it doesn't take much of a story to say the contracting/mining/civil stub is worth a a lot more than the 5-10c implied by the current share price.

Right now it looks like a bit of a mess with the impairments and closure costs of civil. But look through this and it looks to me like an interesting proposition.