Ann: 2016 Results Investor Presentation-MRM.AX, page-3

I first bought this stock based on the NTA, so I feel qualified to remark about it now, even though I am not currently a holder.

It is worth remembering that any capital raising will dilute the NTA substantially. I feel like the NTA is still inflated and not a true reflection of what they could sell their assets for at today's prices.

Selling 17 'smaller' boats for $40 million does not sound promising for the larger or more specialised vessels, and if Jaya shipyard is getting handed back to the Singapore govt at end of lease, then you could consider that as being worth next to nothing given the expected timeframe for any oil price recovery.