$140 million impairment charge says it all, page-17

Barny,

good questions !

1. if the banks support MRM, then the situation from 14/6/2016 should apply - ie the company will continue to divest "small boats" and use the funds to repay debt.

2. banks don't support - then their will be a cap raising to pay down debt.

given the expected earnings for half year, and the comment in the trading update ("

As a result, vessel sales for FY2016 will
be below the A$78 million target identified in the Company’s Half Year Financial Report dated 19
February 2016. Accordingly, the Company is in dialogue with its banking syndicate in relation to its​

ongoing capital requirements.
"

as ive said - sometimes its safer to wait .......

rgds
V_H