Ann: Becoming a substantial holder-MRM.AX, page-15

AHS,

another way of looking at this situation is:

the substantial investor has some idea of the capital requirements, and forward earnings power of the company,
they understand that additional shares may be issued,
they are willing to be a buyer if this is the case.

so lets say MRM raises circa 100-150m to get their bal sheet under control....
lets assume that its done at 20-25% discount to TERP.
lets also assume that sub holder is the underwriter !

essentially, they would end up with circa 15-20% of the company, at around 25-30c/share.

If they have a 2-3 year timeframe - they will make a more than satisfactory return (imho).

it also means that the current Board had better start "packing" their respective bags ..........b/c they will be asked (in the nicest possible terms) to get out of dodge !

the other way this plays out - is a merger with other OSV provider.....

I rekon opt1 ....so will simply wait for cap raise before entering this stock.

rgds
V_H