starting to go long at $3.65, page-24

Thanks, Baraka. It's a rough old model if FWD is just told they can build a village, but if no-one lives in it, they are stuffed. I am sure there is something in it for FWD.

noomxx, yes, no dividend id expected for the last half, acording to Macquarie, and the dividend expected for FY14 is expected to be 25c:

http://www.fnarena.com/dsp_recommendations.cfm?searchsymbol=fwd

No dividend upcoming will be a "positive", I think, as you've said. Mining services have usually paid high dividends, but if dept can be repaid, or capex covered by lack of a dividend, it makes FWD look safer.

Thanks for the comments on capex, folks. If anyone hasn't seen this, there's a good, and very recent (June 5) article by Roger Montgomery on FWD (yes, yes, I know he was bullish on FWD in the past, but that was then and this is now). It is worth a read, as are the comments following, with Xiaou Fang Zu laying out the finances. Well worth a read:

http://rogermontgomery.com/a-look-at-fleetwood/