Set to grind higher, page-22

Guys MRM definitely will need a resolution to balance sheet issues, and the timing of that brought forward by lenders following the updated loan repayment terms (37.5 & 37.5). Simple maths says must be in next 5 months).

If the company had nothing of value, i would share anti-botters worst case pessimism. However the company has a modern fleet including some brand new builds, a number of strategic supply base and shipyard assets and an enviable footprint and reputation in Australian offshore market. The PSV market in particular is going no where given the extensive assets built and in production.

I suspect the reason so many of the same long term watchers follow this forum (both optimists & pessimists) is because whatever their view, they can see the embedded value in this company's assets, which could be realised in major change in share price if the company can survive this terrible protracted cycle.

For my two bob - don't write off MRM just yet. I seriously doubt the two recent major shareholders got involved and built stakes for charity's sake. Watch for strategic placement to 1/both of these guys, CR partially underwritten by these guys or even a takeover potentially. Both have extensive OSV past experience, and would be well aware of the future earnings capability of MRM's assets should the cycle normalise somewhat.

Personally i'm staying on board and will participate if/when sensible CR called. Definitely going to be an interesting ride.