what is going on?, page-11

The investor presentation was a good read and by most metrics remains very cheap. I don't believe a capital raising is on the cards.

The negatives I see in the April vs March presentations:

1) Poseidon has pushed from Q2 to Q4 2012
2) NPAT of $13M is still 'locked in' however it appears that the additional profit from Arccon's large projects has dropped from $4-$8M to $0 - $8M depending on award and timing.

These are the only 2 negatives - everything else remains unchanged including the balance sheet projections. It would appear that perhaps some work that was expected to be awarded and commenced pre 30 June has been pushed back into FY13. Not ideal but not a major and guidance remains at $16.5M which to me equates to management saying there is a possibility of none of the that incremental business being awarded pre 30 June however they still believe that some of it will.

Regardless of some of these "minor" details the company remains a screaming buy and I'll happily continue accumulating on these pull backs. Best thing I ever did was double down at 11c when everyone was running scared.