Time to off-load this Mermaid, page-67

whether its an lbo or just a passive play - it has all the hallmarks of being in the 'hitting zone'

we can always want to buy shares at 1c of course - but i think the risk/reward is skewing to the investor now.

bottom of oil is presumably in - some growth in budgets should be coming through for mrm from now as oilers start lookign up from their beating - and youve got a highly regarded mgt team and good assets at a fairly attractive net asset value

the booked position will look bad for the next 12 months on amortisations etc esp on comp basis - but the actual fcf postion should start to rise from here. and that makes a big difference to outcomes around managing debt

but its a higher risk play for sure.