Where to ...supply base?, page-71

comparing MRM and STO is pointless. MRM a lot cheaper. Its like not buying a Toyota cause its not a BMW.

Removing Impariment which is just acc speak MRM lost 55m. remove discontinued operations and exchange rates and its 46m. They have the cash/debtors to pay non bank creditors and so we are left with boats of 680m (after impairment) and bank loans of 392m.

Compare the net asset value to the annual loss and MRM has quite a long time to withstand an oil downturn. Is it forever of course not but at 22c the upside here is now bigger then the down. Its exactly the kind of stock the retail boys won't like cause its a 50% chance of being $0. However this is what has us at 22c and if you understand you are flipping a coin and making more $$$ if you win its a good buy