Mightyatom - the CEO, with of course board approval had flagged...

Mightyatom - the CEO,  with of course board approval had flagged expansion into the international market for years. You just need to look at the historical evidence

MMA was a big fish in a small pond here in Australia

Internationally MMA is a small fish in a big pond

Everything was sweet in Australia

The company had matured into the largest service and marine provider to the oil and gas industry here. Basically MMA had a monopoly

Things starting going haywire in my opinion - when the company was not successful in the tender for marine base up at Darwin. The company had developed beautifully at the right time and in the right place to take advantage of the multi billion dollars projects going on in Australia


In my opinion they started resting on their laurels and became arrogant, lazy and complacent

The CEO had far two much power and took his eyes off the road

The CEO has never bought shares in company as far as I can remember

The CEO has always cashed in his performance and incentive shares (Reason - to pay his tax liablilities. This seems to be a standard answer - when asked the question)

I was happy to be out of stock before announcement of Jaya

Imagine - before acquistion company script was worth more than 600 million dollars

Imagine - the company spent approximately 600 million on acquisition of Jaya

Imagine - the script is worth today 230 million

Time to take stock and realise - not all is well at MMA

As always above is my opinion and not investment advice