Ann: Trading Update, page-76

Value_Hunter keep an eye on the two big shareholders with considerable industry experience who went substantial in past 12-18 months - Zakher Marine International (Mr Hassan El Ali @ 5.32%) & Halom Investments @ 15.35% (Singaporean Billionaire Michael Kum who founded and floated former ASX listed OSV company Miclyn Express Offshore - eventually taken over by private equity in 2013).

These guys are shrewd and successful businessmen who know the industry and its cyclical nature well. They will not have bought into MMA Offshore for charity or without a play in mind.

While the OSV industry backdrop remains extremely challenging, and MRM's balance sheet very tight - I suspect the company presents an amazing opportunity for deep pocketed individuals with a 2-3 year horizon (to take the company private, or act as a cornerstone investor / underwriter to any recapitalisation).

Barring immediate vehicle fire sale pricing - the state of the art vessels and other strategic assets of MRM are just worth so much more than current equity valuation & would be very tempting - for anyone with a medium-longer term horizon & the extra cash to see them through.

I believe we may be witnessing the beginning of this playing out - but who really knows..