Can't say I like it when they announce CR's before results...

Can't say I like it when they announce CR's before results release. Ordinarily that would be because of transparency. With their quarterly reporting it negates that however in the case of MSV but I'd want to ask some questions on the outlook numbers on the call post annual release. I like the organic pathway & the return they indicate they will get...that's a no brainer for me. However, the numbers for FY 22 are disappointing by some margin. In the last quarterly (Sept 2020) pre the SMS impairment they posted with average rig utilisation of 76 rigs :-

Revenue $53mil
EBITDA 10.4mil

Those numbers annualized (without accounting for more favourable contracting conditions/increased scale benefits, decreased residual financing costs etc) deliver revenue of over $210mil & EBITDA of say $41mil on 76 rigs. I'm missing something.....increased rig numbers contracted out this year at an average of say 91 should deliver for FY 22 revenue of around $245mil & EBITDA of around $48mil. By their numbers there's little improvement in the normalized 2021 figures despite fleet utilization increasing 20%. What gives?

I'm keen to ask about this. I dismiss any of Morgans commentary going forward considering they are underwriting the offer.

Disclosure: I intend to take up all my rights at 42c