The difference between full control and 80 per cent is the ability to integrate the businesses and not being able to integrate the businesses takes away some of those $55 million in synergies (cost savings).

He would take derelicts on to work for him.

If you look through history there has been some success in this and there's been some failures. It's very difficult.

Nothing's changed in the outlook, and we see compelling valuation in it compared to Leighton.

There's a huge amount of work around in infrastructure transport and mining, so you can see them maintaining that order book around A$16 billion.

They have just left the opening there that they need success with the restructuring and, I presume, further measures to be announced, before they make a decision on where that will be.

Some people were expecting not so good a result because of the dispute over the Western Australian rail contract. There's a bit of relief that the result is still a reasonable increase.

We have a good group going this year. Our goal is of course to send as many to state as possible. This year looks like we could have a large group attending the meet if everything goes right.

Patrick is trying to extract as much as possible out of Toll.

I think Toll is more than Paul Little. I think they have a broader and more in-depth team behind them.