Ann: Trading Update, page-24

All fair points.

Typically stocks rally 20-30% or so before boards pull trigger on a recapitalisation in a recovering market (share price market that is). -so buying low ahead is an acceptable risk/reward to take if you enter at right time.

As discussed elsewhere, stocks with more marginal balance sheet positions tend to lag the general recovery - and thats where i estimate mrm is now - its on a lag souble bottom 2-3months behind sto, org and the rest

Partly because of dilution/capital call risk - partly because its a small cap stock - they feel the breeze last in recoveries

I do think theres some downside risk to oil price early 2017 though. But not egregious - and not enough to further dmg mrm when its not eceived any benefit yet in the market's stabilisation