Dead right
@goro5Lilac's livid and the strength we had shown going through to the 2.70's has been destroyed.
They're not anticipating a fix until as late as 4th quarter CY24!A a week ago I wrote Ann Diamant @ KAR expressing our displeasure at a few things, including comms relating to production issues, (that part of her reply I shared here at the time), and took issue with the Company point of view that the CR was successful in
every respect.
Ann's assertion that it was, shows how intent they are on looking after the big end of town, rather than the 1000's of shareholders who fund them from the outset. In my opinion, the company is being duplicitous, and the Senior VP Investor Relations and Communications would have known fully the need to advise the market much BELATEDLY when I received this;
"
With regards to the recent capital raising, in fact it went very well, being fully underwritten and oversubscribed. The raise was leaked by a person or persons as yet unknown (Macquarie has sought an ASIC investigation) but that had little impact on the outcome of the raise itself. The required funds were raised in full and applied to the Who Dat acquisition in the required timeframe, with the acquisition closing in December as anticipated. Unfortunately, the raise coincided with a big drop in the oil price (not something we control!), and the oil price has not recovered since then."
I don't know about those suggesting KAR's a potential takeover target at these prices. Ordinarily I'd concur, but who would want to make a bid in the midst of this?
More likely a CLASS Action for mine. (I'd been adding in the dips up through 2.10's - 2.50's,
whilst all along KAR were sitting in information which is NOW clearly considered important enough to inform the market of. I'd say a few of us who are not content to sit and let them treat us like this have FLUSHED it out of them, and the whiff of
class action hopefully has a few sphincters clenching.
Yes, understood we have geographically diverse prod
uction now, and just as bloody well, otherwise where in the hell do you think the SP would be now?
PS: Just to be clear,
18th Jan advised this by Karoon.
"...
but this is well within the production efficiency range of 90-95% assumed within our production guidance of 4.5-6 MMbbl for the six months to 31 December 2023 (if that wasn’t the case, of course we would make an announcement under our continuous disclosure obligations). Our quarterly report will be released on 29 January. If you have any questions about the production following this, please don’t hesitate to contact me."NB:
@filbert also spoke to the company HO that day (18th) and was advised they were 'maintaining guidance'.
They're worried at their management of the CR, (including unnecessary SP destruction), the questionable decision(s) to leave the market less informed than it arguably should have been, and
what that means to those who have continued to BUY in that uninformed environment.
(20min delay)