Totally agree with you mgc, think it is way over valued (as the old saying goes IPO = it's probably over priced).
Did any of you notice that in the 2009 accounts they said that "certain non-financial events of default existed in the group's debt facilities in the 2009 financial year"? Which as of now can be called to be repaid "at an acclerated rate" if they don't reveive a waiver from their lending syndicate? worrying....
As a result all of their liabilities are classed as being current? wonder what the interest cover on that bad boy is seeing as they stand at $250m...
IMO stay away until they get the waiver and that is probably one of the reasons why its only trading at a PE of 8 when mermaid is closer to 14 or 15.
cheers
Add to My Watchlist
What is My Watchlist?
