Time to off-load this Mermaid, page-85

I made a mistake double counting the debt, an honest one but definitely wrong. The situation is not as parlous as I had considered given that 65m of debt is recorded in the current liabilities right?
Agree that this has much more upside than any other option it's just close to the line.
Casually you disregard what Graham said for a soundbite from Buffett.
If I recall, the elder said.
"An investment operation is one which upon thorough analysis promises security of capital and a satisfactory return on investment - operations not meeting these requirements are speculative"
I don't think anyone can understand the oil industry exactly, very very difficult. The analysis does not promise security of capital for this company.
This is a value judgement not a question of right or wrong. If you follow Graham's principles then you will turn aside from a thousand MRMs because you are not sure.
Regard every growth stock with abhorrence.
The appeal of this idea is that it is brilliantly conservative, it was built during the great depression and type tested for a worst case scenario.
The true traditionalist will always eschew the greater profit if it means their principal is at risk. A good engineer (and there aren't many) naturally symathises with such glorious conservatism because it is only on solid ground that you can build the tallest tower. You don't see bridges collapse because they are designed for the worst imaginable scenario, the peerless intellectual structure of value investing is on such solid ground.
Margin of safety is buying a business that meets its fixed charges amply, has cash in the bank, a strong balance sheet and is selling at an attractive multiple of earnings because the market is irrationally pessimistic about its prospects. It's building a bridge that can withstand a 2000 year storm because sheet happens and people's lives are at stake.
It's slow, plodding methodical, considers the most pessimistic scenarios. It's a Boeing jet with the RST control system that can fly on one engine - it never fails right.
Passenger jets only fail from foul play, can you conceive of what a fantastic achievement that is - value investing is the equivalent financial structure but it's totally ignored in today's world of mad speculation and 24/7 sharemarket news.
That's the ideal to which we strive and the ideal to which I strive as a value investor.
Let's talk about cigar butts, which is a business selling at less than 70% of Net Current Asset Value. When Graham followed this strategy in the great depression he thought it wasn't conservative enough so he widely diversified also.
When you buy a business for below it's cash you literally can't lose.
MRM is not a cigar butt, it's very interesting and potentially very lucrative. You're right there are not a lot of value opportunities around - but I draw a different conclusion from that.
When faced with uncertainty I will turn away from the potential high gains and stick with the tried and true every time. A satisfactory return and security of principal.
The heart of it is taking no risk, that's what I strive for. If there are no options then just watching the wild speculation with bemusement.
MRM is not wild speculation, probably intelligent speculation but you have to understand why that strikes such a nerve with me - as I say a personal choice.
Anyways, 66m EBITDA in the first half of FY16 and 0m EBITDA for the second half - are you expecting 0 to negative EBITDA in the half to December with this 25m coming in the second half?
Companies should report quarterly like the seppos, if they can do it it can't be too hard.