Below set out is my understanding of the published MMA Half year...

Below set out is my understanding of the published MMA Half year report 2016. (apologies for length)

As at 31 Dec 2016 (now quite a long time ago) Net Assets = $325m. Of that $33m Cash and $70m Receivables (which includes a provision of $21m for doubtful debts, 23%).

Also of note is the $108m of current assets classified as assets held for sale. Of interest here is the impairment charges that are attributable to the various asset classes held for sale, over and above the impairment charges recognised in 2016 of $139m and 2015 of $121m (total $260m).

The vessels that are held for sale had a written down book value of $186m and took an additional impairment charge of $129m or 69% in order to be held at "Fair Value Less Cost to Sell" (FVLCS).

The Dampier Supply base and slipway had a written down value of approx. $67m. An impairment charge of $25m (37%) was recognised to provide a FVLCS valuation of $42m.

The $9m Broome supply base FVLCS required no impairment charge.

Note 10 in the report showed a total of $278m impairment charge booked for the period. The assets held ready for sale represented $154m ($129m + $25m) of this leaving a remainder of $124m of additional impairment booked against continuing operation assets.

The Continuing Operations FVLCS valuation used assumptions of "orderly market" "as is where is" and "willing buyer and willing seller". The FVLCS of the Vessels in Continuing Operations is $573m after the $124m impairment giving an implied valuation before impairment of $697m.

I would expect a rational business manager to sell the least valuable / non core assets and keep the highest performing assets, however if you assumed that the impairment charge for the assets held for sale was applied across the board, and I make no judgement as to the reasonableness of this, the Vessels in Continuing Operations $697m decreased in valuation by 69% = $216m. Of the $481m, $124m was booked above with an amount of $357m remainder.

Net Assets of $325m less $357m = not much.

Like you I don't have any access beyond published data, but my feeling for the current share price is that it is reflecting this uncertainty.