Change For MMA . Com, page-26

You are right MRM could probably not raise capital on its own, minorities are flaky the market would not support it. Halom and Black Crane would likely underwrite it as they have both proposed it though - then you know it won't fail.
Typically minorities can then participate pro-rata so there are no complaints about the takeovers act and in this case it's very interesting.
At Cardno I got to oversubscribe at each raising, they raised far more than needed at a deep discount to drive down the price.
That's what Halom are incentivised to do but kept in check by black crane's tendency to maximise returns by just providing enough.
I think $70m puts them well back into the safety zone even if oil takes a few more years to recover. Thats wonderful for shateholders, $70m at 20c and all the rights you can offer please thanks very very much. I will have a second helping boss.
I suppose most shareholders don't see these things as I do, mostly shell shocked and battle weary by the time I arrive.
If there's a point in the turnaround this may well be it. It's been good talking to you AHS but I need to get more circumspect on these forums as no-one is paying me 2 and 20
On the other hand value has been lost through vessel fire sales and the supply base so the returns will not be what they were.
It's not my view that $70m shortfall, that's a quote from what black crane thought it was worth in 2016. For political reasons they may choose to be more muted in their criticism at this point but probably also annoyed.