The Broome supply base is held in JV with Toll, but it's small...

The Broome supply base is held in JV with Toll, but it's small beer in the overall value of MRM - MRM's 50% JV share is generating ~$2m NPAT p.a., so even if MRM could monetize that (i guess Toll's new Japanese owner is probably the only logical buyer here), it might be worth $20m or so to MRM shareholders (using a crude 10x multiple).

Given the laughably poor capital allocation track record of MRM's management - especially their decision to do a huge, debt-funded acquisition that brought with it $150m of future capex commitments (when oversupply was already clearly becoming an issue) at the very peak of the cycle - i would regard a change in management and board as both a positive and necessary development in this business.

This is a fascinating deep-value situation, but all too hard and uncertain for me, so like you i choose to watch from the sidelines until there's more clarity on the following (all of which should come to a head in the next 6-12 months):

- How they resolve their liquidity squeeze (i.e. asset sale vs. equity raise, and at what terms)
- What the stay-in-business capex profile of MRM really is (how much capex do they need to spend annually to keep their existing fleet operational)
- Whether the management and board team which committed the colossal capital allocation blunder takes any responsibility (i.e. do they lose their jobs - they certainly should)