If you do a desperate raise with poor ROI in Dec 2023, and then...

If you do a desperate raise with poor ROI in Dec 2023, and then only 7 months later in July 2024 you do another, it means you either messed up (expenditure, forecasting, or schedule) or are up to no good.

Otherwise you would simply raise the right amount to begin with in Dec 2023, cop it, explain transparently, and wouldn't need to do another destructive raise.

Once bad, but twice?!?!?! "Please explain".

In fact, rewind it a further 12 months and it's evident that with the very large raise they did in Dec 2022 (we are talking $160M I think) that it would be the 'runway' and capital needed. But I guess they messed that up too.

You don't need to be a financial genius to work out that if they were more prudent by $40M OR if they really needed more to get to the finish line raised $200M instead, that the desperate raises so soon after would not have been needed. Clearly they thought $160M at the time was enough (hopefully so, bloody lot of money). What went wrong?

At least the Dec 2022 one actually did bring on a strategic investor (Hancock), at a decent price, and from recollection wasn't fed to shorters. These recent raises have not brought on any strategic cornerstone investor (most went to shorters per the data). Yet we have been told that was part of the reason for it.

It is wrong for KMP to get insane performance bonuses arranged (on top of a very large salary) when at the same time:
- budget and schedule went wrong
- shareholder's value was not maximised, rather it suffered

It is right for KMP to get reasonable and fair bonuses (and salary) if:
- budget and schedule were managed on target
- shareholder's value maximised (now and future potential)

If you owned shares before each of the desperate and poor ROI raises, you have lost at minimum 25% of current and future value (in fact the loss increases the more the share price goes up). Do not be misunderstand this, you have lost money even if the share price goes up from here.

It is reasonable to question this and the right thig for the company to do is 'make good' rather than obfuscate. It would go a long way to improving existing shareholder sentiment.