Ann: Sale of Trident vessel , page-14

The way I understand it from prior announcements Navy is that pay out of all debt only happened if the maximum cap raising occurred, i.e. the 80 mil amount. Since they only managed roughly 65 mil, they still had some left over. I think the plans for what they proposed was in one of those investor presentations released around that time. It showed the breakup of how funds would be applied at both minimum and maximum cap raise levels.

Personally, I think getting rid of the vessel this early was a good result. Sure it's at a loss to book value but it wouldn't be the first time a company has taken a loss on sale of an asset and personally I'm happy to have the money and the debt fully paid. Both the Trident and ROV Supporter have been unprofitable for some time, and obviously continue to be so reading the release about the "potential for future losses" paragraph in the market release. I think they've done the right thing.