Time to off-load this Mermaid, page-27

MRM is not at the level of Santos pre-cap raising I agree with that. Santos pre and post cap raise were very different kettles of fish and shareholders who waited were well rewarded for patience there.
Perhaps MRM will be the same, it hasn't benefited from this oil rally as there are a few skeptics out there. I am never sure myself on what lenders may be thinking, i reckon it's safe to assume they will act in whatever way best preserved their money.
The fact MRM is not highly leveraged maybe means they are more likely to push it to liquidation.