I agree that the stock is a dog. In the current credit environment the MAE balance sheet is looking very shaky with net current liabilities of $25mil, most of which is their bank facility which is due for repayment in Jun 2009 and is secured over all the co's assets i.e not much room for any increase in any finance facility. What remains is a rights issue- well after the last equity raising it would surprise me if anyone wants to risk any further cash in this co. Furthermore, their assets consist mainly of leasehold improvements (approx $115 mil if memory serves), and this would be worthless if the assets fail to deliver satisfactory flow rates. So all in all the co is on pretty shaky ground at the moment, especially considering their current cash burn rate.
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I agree that the stock is a dog. In the current credit...
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