I don't comment on Karoon Gas threads often, however,I have read the letter from Pegasus, the letter from the Chairman to Shareholders, the various news articles and the comments by others here on HC.
I think we all need to step back and look at the bigger picture here. My points are as follows:
1.) I understand why people are annoyed that there are many members of the Hosking family working in the Company, however, this really is not uncommon in relatively small businesses. If I started up a O&G exploration Company - chances are, if I thought my family members had the skill, I would afford them the same opportunity. And if you take into account that 'the Hosking Family' have turned this Company into a company that has 1 billion dollars from the sale of assets that they were responsible for finding - I don't think people should complain. They did their job.
2.) I personally believe (wether right or wrong) that a certain Company has been shorting this stock for a long time. I think this has been done for two (2) reasons: 1.) To accumulate the stock in order to hold a large % and 2.) In order to upset Share Holders by driving the Share Price down so that we would be much more supportive of 'Overthrowing the board'.
3.) I can understand why people might not be happy with the current board, but seriously, I think it is a MASSIVE gamble to be installing new directors at this point in time. The Company have $1billion dollars to play with. New directors can do whatever they want with that money, including paying "Consultancy Firms" - that they own / or have shares in ' Millions of dollars, or increasing their wages and generally funnelling the money wherever they want because THEY do not necessarily have to give a stuff about the future of Karoon Gas or wether or not they upset existing Share Holders because THEY will get what they want - their hands on $1billion dollars.
4.) Even if the 'New Board' do the right thing, they have stated that they want to 'slow down Brazil exploration'. Seriously? One of the other reasons Karoon's Share Price has suffered is because our money was locked up in the Browse Basin off Western Australia and it would have taken years and a substantial amount of money to turn the exploration wells into production wells - not to mention the whole Floating LNG side of things.
5.) Is now seriously a time where we need change? I want Karoon Gas to go into Brazil and drill for oil!!! I don't want someone to slow that process down and have control of 1 billion dollars.
And finally, on a separate note:
I think people on here need to start being more civil to each other. The amount of infighting on this thread is terrible. If you don't agree with someone, fine, but be nice about it and respect other peoples points of view. The amount of people on here that constantly berate other people or make sarcastic, unhelpful remarks is pathetic. Do some research, post the research, make known your point of view, challenge others points of view but above all, be nice about it.
Please Do Your Own Research. This is My Opinion Only.
Ele.
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