The board has not come out with anything new for the last several months to indicated new contracts won
However the board has not upgraded or downgraded earnings for the last six months of the financial year
What is unusual is the volume pick up over the last several days
Either a little birdy knows something or fund managers are lowering their holdings in the company
Could we be pleasantly surprised - I think not
I am expecting a six cents fully franked dividend and would be disappointed in anything less
My thoughts is that the international business has plummeted to almost zero
There are lots of boats that are Singapore flagged either sitting idle or being used in Australia
I always thought the expansion of the international market was the wrong strategy for Mermaid Marine Australia and perhaps this has come to haunt the company now
This could be the reason for a new board member originations from Singapore
Remember Mermaid Marine spent big dollars expanding the Singaporian administration and international marine vessel fleet
Unfortunately all the negatives from the costs of the expansion of administration were hidden in the total admin costs of the companies operations in Australia as well as Singapore from the last financial year
I think heads should roll. Especially the MD of the company
As said on previous occassions the board has definitely become lethargic and stale over the last couple of years
We shall wait and see if the proof of what I say is in the pudding
Only a little over a month to go
MRM Price at posting:
$2.53 Sentiment: Hold Disclosure: Not Held
