Hi Austin Interesting developments indeed. However i don't agree...

Hi Austin
Interesting developments indeed. However i don't agree re Halom trying to buy the company's debt out. If this was the strategy, why (a) have continue to considerably increase their equity stake in a company that you intend to make the existing equity in worthless? (B) why go to all the trouble of creating the website and commencing what looks to be the beginnings of a pretty sophisticated campaign to replace the existing top brass with their own guys?

To me this smells like a pseudo takeover without the usual premium, getting inside the tent with their preferred guys to steer the ship and protect their investment. Then potentially a proper takeover should early signs of rebound in offshore activity eventuate, before becomes widely known and priced in.

Quite clever really.

PS Anyone notice the 1.5M share bid take out 18.5c today and remain ready to hoover? 18 to 19.9%...?