Ann: Letter to Shareholders-KAR.AX, page-2

Karoon has;
• AUD$523 million ($2.12 per share) in cash as at 31 December 2015, with additional receivable contingent payments
of US$200 million.
• Nil Debt.
• 129 million barrels in gross unrisked 2C contingent resources (89 million barrels net to Karoon).
• Multi-billion barrel prospective resources in the exploration portfolio.
• an exploration portfolio that has minimal work commitments over the next two years.
• An appraisal program in offshore Brazil commencing in the 2nd half 2016.
• Recent new farmout interest from interested parties, to which it is working to progress.​

Isn't the fact that the market cap is over $200m below the net cash position a pretty good reason to fire the board and wind up the company? That >$200m deficiency is basically the value the market is placing on management?

I'd buy some KAR if they all resigned and sent the cash back to shareholders!