The annual report was written for June 30th 2015 It is now 4...

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antibotter

13,155 Posts.

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13/11/15

10:17

Post #: 16387044
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Originally posted by 22112215 ↑

Did anyone even bother to read the annual report? It immediately addresses the rates and utilisation of vessel on pg 4-5, the fact that contracts are down in a depressed market and the risks MMA face are discussed on pg 14, the plan to cold and warm stack vessels for idle time and cost savings are mentioned on pg 17. It states tangible assets are $2.10, I know, I know, that's not liquidating value but when the sp is $.24 you can't ignore that. There was nothing in the announcement on the 10th apart from slipway usage being down that was not already stated, which was completely offset by the news that vessel sales revenue was up by 10% and a new $50m, possibly $110m contract for WPL had been won. It is completely illogical that the sp drop nearly 50% over that announcement. As for the accusations against the board I don't know. All I can say are the facts. The MD was eligible for STI bonuses of 20% his salary, as were other key management personnel. The board decided to not to pay the STI bonuses and in fact suspended them for the 2016 FY. Doesn't seem like they are using the company as their personnel piggy bank. The chairman Mr Howarth has both direct and indirect holdings of MMA at current sp worth $300,000, $47,500 of which was purchased today. The MD Mr Edwards purchased $25,000 today. In an enormous show of confidence, the Non-Executive Director Mr Bradley purchased $303,000 worth of shares today bringing his total to 2,823,819 directly owned. To put that in perspective for you and I, he invested 2.5 times his annual salary back into the company. I can't predict the future for oil prices, but from doing my own research on the information provided by MMA and its directors I can invest with enough confidence to withstand the manipulation happening to the sp at the moment and the psychological effect it has.
Dyor

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The annual report was written for June 30th 2015

It is now 4 months later

What was said then means diddly squat now

The CEO has not supported company in the last few years with share purchases. Did he buy any at the capital raising worth mentioning. Did he elect to receive dividends instead of participating in dividend reinvestment plan. Is he the one responsible for Jaya acquisition. Is he the one responsible for not winning the Darwin Supply Base contract

The list goes on.........time to go Mr Weber after destroying the company with a resulting 93 per cent destruction in script value.

A company that was valued at more than 1.3 billion dollars is now valued today at just over 90 million dollars

MRM Price at posting: 23.0¢ Sentiment: Sell Disclosure: Not Held
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The annual report was written for June 30th 2015 It is now 4...

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