Capital Allocation & Who Dat Returns, page-42

Fair comments CRA, but you have also admitted (unless you have been trading KAR successfully long term) you have wasted at least fifteen years or more being in a share that's gone nowhere and given you nothing . The lost opportunity cost over that time is staggering.

"Bauna is only a 7-8 year oil field with probably decline to the end."

Actually after 2032 the FPSO is the problem.

"They had a series of bad luck which is outside their control"

I don't recall anyone being kind to previous management when they torched 100 mill going it alone... No-one said... oh that's bad luck. They were heavily criticised at the time.

"I remember they were conservative and rejected another acquisition."

So was it the case that time was running out to meet the criteria for STI bonuses. Bob and Co rejected numerous assets over years before they went hard on Bauna.

What do you think about the potential for another CR ,higher debt and more dilution associated with another acquisition.

Why are they attempting to increase the debt capacity and their STI's now.?