change of business model, page-12

I personally think the board needs to be gotten rid of and a new MD. These guys are getting too excited with themselves. But the management is not the reason for their success. It is the business and it's monopoly power (that they are disippating - they do not seem to understand their own business).

When they buy or build pipelines there is a network effect - especially as these pipes are connected to each other. Gas can come in from many points and can go out at many points. The shorter the distance to either a supplier or customer, the better, as it costs less to connect up. Then the more money they can make and the more reliable their service.

I think they are foolish for not focusing on the obvious power of their monopoly, and wasting capital (and debt capacity) in a non optimal fashion.

Yes - also giving cheap shares to your mates is a disgrace. Why were these not sold via a bookbuild or some sort of auction? I think their mates will flog a lot of these new shares off over the next few days or so and keep the profit - these profit is a mirror image loss to APA's pre-existing shareholders.

There is an inflection point where a monopoly company starts to damage itself - and we just passed that point.