I would personally be very happy if this sale was to proceed....

I would personally be very happy if this sale was to proceed. While $50.0 million is probably on the light side for the amount of capital invested in the assets (net assets of $82 million, though a write down is coming), it would finally clear the deck of the mining division and a poor performing division. As below the mining division has been loss generator for an extended period.

What would be left is profitable construction business that can easily produce $20 million profit per annum based on the historical performance and current work in hand. Plus surplus cash of approximately at least $70 million and surplus property of $13.2 million.

All this for a market cap of $132 million…Very good value.

Mining Division
Second half of FY2018 – Significant loss expected due to write down.
First half of FY2018 – Loss of $3.0 million
FY2017 – Lost before tax $22.6 million
FY2016 – Lost before tax $39.7 million
FY2015 – Profit before tax of $9.4 million
FY2014 – Profit before tax of $15.2 million

Construction Division
Second half of FY2018 – Profitable.
First half of FY2018 – Profit of $9.2 million
FY2017 – Profit before tax $11.8 million
FY2016 – Profit before tax $26.0 million
FY2015 – Profit before tax $33.7 million
FY2014 – Profit before tax $25.8 million