QANTAS seem to be doing well, lately, without owning any airport right? Its fortune starts to turn up when oil crashes... so maybe having a base or not doesn't affect the business that much.
I'm not disagreeing with you that the bases aren't important or give MRM a strategic, one-stop-shop advantage. Just that when you're in a bad situation, being forced to do things you otherwise wouldn't do, you have to choose the least worst.
Selling off vessels is a start. Renegotiate wages, letting people go... then getting rid of bases and slipway that's currently not earning much on asset value.. and in so doing, you get the bankers off your back, avoid either a massive dilution in shareholder value or bankruptcy, remove an enticing jewel that would make an attractive prize for raiders and competitors with deeper pockets.
If I'm in the board's shoe, I'd do the same thing.
MRM Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
