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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued
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To: Don MacNeil who wrote (95)12/24/1997 10:50:00 AM
From: Grommit  Read Replies (1) of 547
 
That statement is a little general to comment on. Which boats or rigs, which location?

I talked with the company again today. A letter went out from the chairman to shareholders on 12/22. Intent is to reassure by mentioning that the company's business fundamentals are sound. No press release, however, due to legal advice.

They see GOM dayrates having little upside (at $8400-$8500/day now for supply boats), but rest-of-world are still going up. The fleet is now about 1/2 GOM and 1/2 ROW.

The Care group acquisition will add $90 million to revenue as mentioned in press release. Accretive. The important thing is that at some stock price it would not be accretive. They could not tell me at what price that is, but mentioned that there is NO business requirement to issue the new shares at these prices. They want to reduce the debt load eventually, but no need to do it right away. They can wait this out.

There are discussions of a stock buyback. The question came up internally and there is residual authorization for up to a million shares. No decision made -- perhaps some SEC issues to be ironed out. I got the impression that it was not on the front burner and would not happen. I also got the impression that they would most definately NOT sell more shares at these prices.

anxious and holding
Grommit
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