Fundies back MMA Offshore recap, $100m deal set to launch News16 Nov 2017

MMA Offshore - the marine services company formerly known as Mermaid Marine Australia - has secured support from key cornerstone backers for a $100 million recapitalisation.

 

Street Talk understands MMA will launch the deal on Thursday morning with the help of its broker Shaw and Partners, which has also underwritten the offer.

 

MMA is one of the biggest providers of marine logistics services to offshore oil and gas companies in Asia Pacific.

 

It has about 1000 employees, 30 vessels and reported $221.8 million revenue last financial year.

 

However, the company has been burdened by its $300 million net debt balance, and has already made efforts to shore up the balance sheet via asset sales.

 

The $100 million equity raising is expected to help pay down that debt and reduce gearing which was 111.4 per cent as at June 30.

 

It's understood Shaw and Partners have underwritten the deal, following support from some institutional investors. More to come.

 

Read more: http://www.afr.com/street-talk/fundies-back-mma-offshore-recap-100m-deal-set-to-launch-20171115-gzmbx8#ixzz4yXZHGT6E

 

Related Articles
News09 Jun 2025 Celebrating 10 Years of Shaw and Partners in Adelaide
Ten years ago, on Thursday 11 June 2015, Shaw and Partners Financial Services proudly opened the doors to a modest office in Adelaide with a clear ambition—to build a strong presen... Read More
News04 Jun 2025 Shaw and Partners strengthens surf sports partnership with shake up of 2025 Shaw and Partners Coolangatta Gold
After celebrating its 40th anniversary last summer, the Shaw and Partners Coolangatta Gold is set for a major shakeup in 2025.   Coolangatta Beach will once again host the Shaw a... Read More
News14 May 2025 THINK YOU KNOW GOLD? Shaw and Partners Gold Price Prediction Competition
THINK YOU KNOW GOLD? Here's your chance to win a Shaw and Partners hamper!  The Shaw and Partners Gold Price Prediction Competition is closing soon. Launched in the June Quarter ... Read More
News13 May 2025 Shaw and Partners continues to attract some of Australia’s most respected investment advisers.
Shaw and Partners Queensland State Manager Glen Gannon has welcomed Dwight Phillips, Tim Harbort and Craig Clark to the Brisbane office, a high-performing team with more than 50 ye... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%