Ann: 2017 Half Year Results Investor Presentation, page-21

Hi Croasian.

I agree that it appears that the company has been somewhat de risked.

However I entirely agree that this is a shame that I've had to sell some of the best assets to do so. All investors should take a look at the old annual reports on MMAs website to see the amount of vision and pride that when into building those assets.

Those golden assets have now been completely stuffed by the Jaya purchase of a whole lot of useless boats.

I was slightly cheered up by the results they are surprisingly in some ways. For example the amended bank arrangements are now more achievable. The revenue numbers are no real big surprise, on the low side of my expectations to be honest.

There is a case that the industry will improve over the next half or two halves. As part of that you'd see activities by the E and P companies

So part of me feels that it might be getting closer and closer to the point where the company becomes a buy. However that might be a two early call by a half or two, if the right call at all.

Nonetheless what remains of concerns if you take a look through the accounts. The accounts, the audit opinion, and the sale of the supply base were only arranged yesterday.

The auditors further note in their opinion that the company has some material concerns about its ability to repay debts.

My take on it is that the company had a gun to their head yesterday and in order to get the account signed off needed to complete the sale of the supply base. This is the very definition of a fire sale no doubt.

While I'm not in the position of MMAs management and without being in that position it would be difficult to understand everything I am of the personal view that they have been quite tardy in the sale of the assets both boat assets and now real estate assets and this slow speed approach has resulted in extraordinarily low sales acheievement as a result.

Nonetheless let's hope the trading conditions improve. As always the overseas competitors are a great source of information in relation to trading conditions i.e. day rates and utilisation rates. Seeking alpha is a great resource in relation to this information.

Good luck to all whatever positions you take, if any.