Croas, 2nd half wasn't as bad as stated - due to w/off's of...

Croas,

2nd half wasn't as bad as stated - due to w/off's of recievables (I amd still perplexed how this is possible when the cleints are global e&p co's .........what is "kind of looks like" is a refund of excess costs so that mrm got the work .....)

they mention $2m in addityinal costs re laying up in Singapore ?

chg's to debt payment schedule - show that the banks understand that continuing to sell vessels to meet requirements aint the answer ....

the 37m+/- by end of yr - strongly suggests that it will be recapped prior to that date.

i'l just wait (patiently) till this is completed. I am of the opinion that the major shareholder will act as underwriter .......and that the current board will walk the plank (there is my attempt at seafaring humour !!).

I rekon the stock will trade sideways till this is completed (say 28-40c).

should be an ok outcome post the "out with the old,......in with the new......) at least this chap has made money for holders previously (rather than just ride the cycle .....)

rgds
V_H