Meridian Petroleum (MRP) - Heading for Break-Up?

I have been having a look at MRP - it's an intriguing stock which the City seems to have fallen out of love with. The Company has a market capitalisation of £6.8 million but is producing around £500k per month from one producing gas asset (Orion in Michigan). The valuation seems to take no account of its assets in Southern Australia or its other assets in the USA.  Its management team seems to lack the means of delivering any additional revenue as they have no upstream experience, including Stephen Gutteridge, Chairman, whose only previous experience is in gas storage.  The share price has drifted down from the high teens to a current share price of 7p since the previous CEO left (who was responsible for bringing online its only producing asset). The CEO's departure followed close on the heels of a disastrous 11p placing give-away with the bucket shops by Gutteridge, when the stock was trading at 17p. I understand a number of acquisition approaches have been made, including a very recent attempt to purchase its Australian licences at a very substantial premium (more soon on this).  All have been refused by Gutteridge. Management seem content to line their own pockets without the need for further production. I question whether this team is capable of realising further value for its shareholders. The only solution seems to be a forced break-up of the group which could presumably closely follow the board's refusal to cooperate with suitors. Should make for an interesting AGM, which will be held on Thursday 12th June 2008 at the offices of Grant Thornton, 30 Finsbury Square, London. I may attend and ask some pertinent (or impertinent questions). All in my opinion and no advice intended.