Ann: Trading Update, page-59

Sure, agreed on all that, albeit how many people bought into STO at $3.30 in anticipation the share price would rise to $4.50 before the cap raise at $3.95? It's very easy saying that with the benefit of hindsight. STO spent about half of last year above $4, so i'd guess around half the people who bought STO last year are still out of the money. Not to mention the fact that the dilution potential at STO was never even remotely close to what it might be with MRM - STO raised about 20% of its market cap, whereas MRM needs to raise about 75-100% of its current market cap to meet its near-term debt obligations - with that sort of raising size relative to market cap, i think it's very likely that the discount required to attract equity into MRM will be much more severe than that imposed on STO shareholders.

Will MRM's share price magically spike before the equity raise hammer drops? It might - who knows. If you think you can predict that, you're a lot smarter than me, but i don't think the 1HFY17 results are going to provide much joy - based on what's been said in the last 6 months, MRM is going to announce: 1) a significant cash trading loss net of interest costs, 2) no asset sales, 3) ballooning net debt balance, 4) anemic second half outlook. That doesn't sound to me like a catalyst for a near-term spike, but i've never been much of a short-term price forecaster / trader, so take that opinion with a grain of salt.