Pengana: Be patient with Mermaid Marine

Pengana: Be patient with Mermaid Marine. Rhett Kessler, Senior Fund Manager at Pengana says despite the sustained sell-off in Mermaid Marine (ASX:MRM) since late 2013 they are committed to the company. We're quite a big holder of Mermaid Marine, which has not been kind to us. We think that's a temporary situation. We've pulled the business apart and we're quite comfortable that we're going to make good money out of it at the current level. It's got very good management, its business model has big moats around it, so it has a very strong position. Recently it diversified by buying into a Singapore business that almost doubles its fleet and gives it the ability and scale to compete in other markets.