These guys can not afford hail. They are on life support and hoping for a strong, good season. Hail means breaching their debt covenants again and raising money at 10cents.. or just go under.... as banks are not charities and may force selling their assets quickly to recoup their loans... risky especially given the poor practices and obscure standards shown in the past. And we have yet to see the new CEO clearing the decks.. which he should to make sure he does not take the blame for the mess he inherited. and the AGM? boy, boy, boy...the circus left town but the clowns are still here.. you can only hope for a bid.. again why would anyone bid now knowing their precarious situation? at 25% ish below its NTA, this is not cheap as who knows what the NTA value really is.. its has been lowered every time they report.. sub 30c the risk reward is more compelling (again, assuming no hail..).
MRG Price at posting:
41.3¢ Sentiment: Sell Disclosure: Not Held
