Mermaids, page-11

there are several sites with commercial vessels for sale.......

I rekon 25-35% of new is the going rate for a 3-5 yr old commercial vessel.

the sites ive looked throu - even have a couple of MRM vessels on them.

as previously mentioned - the "issue" for the company is the value of the interco-loan ....which is backed by the carrying value of boats in Jaya.......

the new largest shareholder, could "offer" to underwrite a large issuance, and end up with a large (controlling??) stake, for nil premium ......and then suggest to some on the Board that "your ship has sailed" (scue the poetic liscence !!!!), and take operation control ........

the accounts should be interesting.

rgds
V_H