"Development of an Aminex gas discovery, Kiliwani North, now likely to be fast-tracked to meet urgent national energy needs."
lol. Now KEY has given up it's interest, that is!
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It is hard to imagine any board anywhere enacting a quicker scenario for painting a company into a corner. Two years ago we were sitting on a huge cash pile but it has been spent on the UK money pit, the WA wildcats and salaries/fees for awful results, and now KEY seems to have no alternative that to give away it's only marketable assets to avoid being unable to meet commitments. Surely this was not by design, but the thought has crossed my mind?
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Then again - consider all the rampers that were on these threads three years ago - for the long haul, LT Buy and all. I mean KEY was the best thing on the ASX at the time due to TZ. But once they had ramped the stock, flamed any negative posters and flogged all their shares they all vanished one by one and have never been heard from on this thread again.
One would have thought that if there was ANY substance to these HC rampers, they would have come back to KEY when it was trading around 5c and still had it's TZ assets and said - we will buy shares on market and support a capital raising because in 2008 we knew the potential here for over 1 TCF, and after all, we sold our shares for 30-40c each! We will fund the drill! ... But they didn't. Why is that? Probably because all the bullish posts were complete rubbish. None of them really believed it, and now with KEY now possibly heading to yet another cap raising for the UK drill alone due to the current delay, it seems not even directors can pull in new investors now. Especially as they were not even willing to take up their entitlements themselves!
But I know how this works now. They will be able to raise capital if they promise some soph somewhere a huge dilution at a 50% discount to the last, so I expect the next dilution will be at 2.5c then if in 6 months the UK well is still not drilled, maybe another one at 1.2c, then 0.6c then 0.3c. Classic stuff.
It looks to me like this is being stripped bare of cash and viable assets now. Very disappointing performance. But it could still be turned. It could be if they have the skill, connections and want to. But do they?
KEY Price at posting:
2.8¢ Sentiment: LT Sell Disclosure: Held
(20min delay)