@danginvestor you are pretty much out on a limb with this one. A...

@danginvestor you are pretty much out on a limb with this one.
A $20m per annum "normalised" EBITDA is not going to pay the interest bill or maintain operating vessels, the company even has an accelerated sale program (read fire sale) on a large number of non-core vessels.
If they had got a fair price the supply base would have been good news. But $50m still leaves a lot of debt and far fewer assets backing it.
If the auditors make the going concern comment then as a general rule it's safer to avoid.
You may still triple your money from 22c but you will be earning it with risk taken here.
Whatever your view at this point MRM should be a non-core holding in the portfolio.