Our Chairman Mr Botten is presently under seige over at Karoon Energy where the companies capital management policies are under the microscope.
In short, long suffering shareholders are out on the streets baying for some breadcrumbs. Whilst heads on pikes is not really on the agenda, disallussioned shareholders have put the Board on notice and have certainly got their attention.
Meanwhile, over at Aurelia Metals, capital allocation policies for shareholder returns is still a distant dream. Federation, touted as a potential cash cow, may eventually shine a strobbing light on what percentage of free cash flow becomes allocated to the retailer minions.
For one long-suffering holder, my Picture of Success is Federation at steady state - feeding the world with base metals, predevelopment of Great Cobar (which becomes the deepest copper mine in Australia), scoping at Nymagee and a few more high grade discoveries under the companies' nose.
After that, it capital / free cash returns for shareholders with share buy-backs or franked dividends. I can see it as clear as the sunset over Cobar.
AMI Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
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