MRM has "announced" its Macquarie Conference Presentation this time of year every year since Adam was a boy. On Star Wars day (May 4) they issued a trading update and this presentation exactly matched that update .. and it would be incredible if the 2 announcements did not match!!!
There is no way on God's earth that MRM will spend any money on share buybacks or anything else other than that absolutely necessary to responsibly manage the business...to do anything else now would be grossly negligent!!
I follow these threads and it exasperates me.
Firstly the "shorters" firmly have a hold of MRM (we all know this). On May 7 the reported ASX short sales indicated 87% of shares were sold short...an absolutely incredible number; 68% on Thursday. This is herd mentality..it will remain until the oil price rises enough to shake these institutions out of their short positions. Doesn't look like that will happen soon... ..short positions still rising. See the following...
Secondly both the Trading Update and the Macquarie presentation indicate an underlying FY performance similar to last year; $54 Million a PE less than 5. I’m a holder (and loser) but, in the absence of the herd mentality the “right price” for MRM is more than $1.50….we make our investment decisions and hold/increase/decrease positions accordingly.
Cheers
MRM Price at posting:
62.5¢ Sentiment: Hold Disclosure: Held
