Ann: Trading Update, page-36

I agree with that approach. But let say MRM were to somehow have no LT debt besides their usual $200 to $250 debt to avoid a lazy balance sheet. In other words, what would MRM be priced at if it were to raise capital to repay all that ~$180M debt used to acquire Jaya.

The entire company, post cap raise, will not be the current $100M. Its diluted share price will not be 30 cents a share.

This is one of those cases where the market thinks that MRM is worth more dead than alive.

If it were to die, investors holding at around current price will do alright; If it were to survive the cycle, a big chance that it will, it'll reward shareholders at current prices very well.

So that alone is a great case for bargain hunting.

But if it managed to survive the current crash while its weaker competitors and small operators kick the bucket... MRM having been forced to be more efficient... not only will its share price be at its NTA, but the earnigs and "growth" phase will also kicks in.

Very minimal downside, great upside potential.