Time to off-load this Mermaid, page-13

what is hilarious - is all this has been in the open for at least 12 months ...........

the company has confirmed the following:

1. it is having to lower margins to ensure boats have work (as AHS has pointed out many times referencing other industry operators),
2. they are operating with the support of their bankers
3. they need to continue to sell boats / cut costs / access new capital
4. the timeline till industry pickup is 12-18 months AFTER any rebound in oil price.
5. the MD, and the Board are obviously under pressure
6. even with the new build boats - expected earnings are not materialising ......

the options available to these muppets are:

1. deeply dilutive equity raising
2. banks swap debt for equity
3. some form of preference convertible security
4. along with a new "steerer" of the vessel (my attempt at humour)..

clearly - waiting for a rebound .......and selling off a few boats aint going to get them out of the hole they are in ......

simply put - it becomes a question of "price" versus the banks patience ......

as previously stated - it will be waaay safer to just wait till the thing gets re-capped ........and then take a position.....

rgds
Value_Hunter