It points out that since between the 2014 and 2016 financial years Macmahon’s revenue has fallen 66% from just over $1 billion to $347.4 million and a 91% decline in earnings before interest and tax over the period to $6 million in FY16.

CIMIC says there has been an 89% decline in Macmahon’s underlying basic earnings between FY14 and FY16 and an 87% decline in operating cash flow per share over the period to just 0.8c a share in FY16.

Then there is the 41% decrease in the value of Macmahon’s order book over those two years to $1.5 billion and the fact that 48% of Macmahon’s consolidated revenue is attributable to just the one customer – Tropicana. Since 2014 Macmahon has had contracts cease at Christmas Creek, Orebody 18 and Olympic Dam. It also incurred losses on the Telfer project since it started on site in February 2016.

To be fair, those contract losses occurred during a particularly tumultuous time in the mining industry and the company that retained the Christmas Creek work – Downer EDI – subsequently lost it when mine owner Fortescue Metals Group decided to take over the work itself.

Macmahon going through five CEOs, three chief financial officers and two chairmen in the past four years also gets a mention in the CIMIC report.

On January 27 Macmahon issued a not to shareholders urging them to take no action on the CIMIC offer.

It argues that the 14.5c offer does not represent fair value and that Macmahon has a robust balance sheet with minimal debt, a strong net cash position and the industry outlook is improving.

Macmahon said things were starting to improve at the Telfer project, which is its second largest. The company expects the contract to break even this year and be profitable not long after.

CIMIC has been particularly aggressive in picking up smaller players in the mining space that it has had considerable holdings in. Most recently it took over mineral processing specialist Sedgman Limited.