What to make of the recent market update (long time coming)?
Well done, you got a loan repaid - thats how it works. 17% is a good result, but if we wanted to invest in mezzanine finance, we could have done that directly.
Its the SRQ investment im worried about. Please dont tell us management are going to wade in with our capital and start taking debt in SRQ as well. I dont know how to interpret the comments in the update "they are in active discussions with SRQ over debt restructure".
We have never heard from management what their investment thesis is for SRQ, and why they have taken such a large unweighted position - effectively screwing us over because of its bad performance. If they could just make a argument about why they went in to this stock - and why they continue to hold in the face of massive price falls, we might understand - but nothing forthcoming.
There may be very good research behind it - but you wouldn't know from any reports. C'Mon Merrics - lets hear it!
MEF Price at posting:
40.0¢ Sentiment: Hold Disclosure: Held
