Ann: Major Shareholder Support Received for Scheme Received, page-5

Why would an MMA shareholder vote to sell:

[From the independent expert report]
''MMA has recently seen strong improvement in operating conditions, resulting in minimaldowntime between short-term contracts and vessel utilisation rates increasing to aforecasted 90% in the second half of the current financial year. Further, MMA’s largermultipurpose vessels are anticipated to operate at approximately 95% utilisation over thesecond half of the current financial year'

ie the company's vessels are in demand. According to an analyst at Fearley offshore last week :
'All in all, we find it difficult to imagine another newbuild boom on the horizon from where we are standing, at least one similar to what we have seen before. In light of this, we remain firm in our upbeat expectations for the OSV market going forward, where both dayrates and vessel activity are expected to continue to rise for years to come.

Even if market conditions do not improve further, a 10c div would cost ~$39m,from earnings of $148m mid point and a cash position of
~$130m. They could pay out more as they have no debt. Next year they could pay 20-30 c.
As Tidewater said last week in NY even at current day rates, economics do not favour new build. ie day rates have to rise further.
Cyan knows this as does the board who want all of the cake.

This is a cash fountain and that is why I want to remain a shareholder.