Interesting take Fluff, have a look at a few of these: blam... brilliant post!!!
JT1... "XJO in March 2009? 3120. Now? A paltry 5384. Up 60%" - good to see that at least Karoon wages have kept in touch with the XJO! Huzzah!!
GZ... don't take it personally mate, we're all doing our nuts to some degree whilst mgmt acts belligerently, and that it is why (as Cato says) it is IMPERATIVE that we shareholders let the company know that we are not happy. As for your comment "You all knew what the remuneration was in November; all on here were quiet at church mice at the time." - ummm, mate - over 25% voted against the rem report - that is not quiet as church mice - that is a serious slap in the face to mgmt. However, nearly five months later, and the company still has not acknowledged the issue! That is plain old disrespectful in my humble opinion.
froggy... I'm sure James Wootton gets paid more than enough to take shareholder complaints... in fact, he is probably the highest paid "customer care call centre operator" in the world!! I shouldn't say that - mgmt will latch on to that comment and give him a payrise! Hey Karoon mgmt - here is an idea to save some cash - replace JW with an Indian call centre worker...
stevo... "A couple of JV's are "imminent"." - more of the same... nudge nudge wink wink... it will be a great relief to us all if they ever announce a deal, but it will not undo the damage that has been done. Karoon mgmt now has virtually no credibility in my eyes - they have so badly mismanaged things over the last six months that as I said previously, if they were Japanese, they would be reaching for the ceremonial sword to do the honorable thing!
cujo... don't hold your breath for that trading halt... "imminent" has a completely different meaning in the Concise Karoon Book of Bullshit!
shakamoo... I recall it well... I was buying sub $3 because the sell-off was completely over done and had no reason behind it...
I was so confident it was overdone that I aggressively marketed Karoon to several of my contacts - several got on it and one took a HUGE punt - they all doubled their money in the space of a few weeks on that bounce.
today I do not have the same confidence because management is not giving me anything to be confident about... they are seemingly happy to belligerently stand by and say nothing whilst Karoon is driven lower...
ask yourself shak - why are there no serious buyers at these levels if Karoon is such a red-hot screaming buy? It is a question I have been asking myself all the way down...
IMHO unless Karoon mgmt get off their arse and start trying to protect and promote our/their company, it is on a one way street to misery!
t1 - I was so busy penning my response to socksa I missed your response... you make pertinent points in a far more concise manner than I - but I Know I am verbose to the point of boredom! lol
you mention the second strike - the way I'm seeing it, I reckon this belligerent mgmt team will be lucky to make it to the 2014 AGM - I wouldn't be surprised if an EGM is called (if I had the necessary shares, I'd call one myself) and a vote of no-confidence passed against them.
as for the termination clauses, they look like they were bolstered in the last year or two to reflect the new found "hand out" mentality that seems to have pervaded Karoon recently.
I haven't seen this sort of selective yet gratuitous pocket lining since one shyster from Sydney invoked a 'change of control' clause on a merger that he solicited. That was a classic piece of white collar cri... ikey is that the time?
Dear Karoon management, how are the negotiations going?
I'm sure the MH370 pilots were "negotiating" with the controls when it ploughed into the ocean...
ask yourself Karoon management - why is the world so upset with the MH370 tragedy?
it isn't because there was a crash and peoples lives were lost - there has been plenty of aircraft crash over the years...
no Karoon management, it was the ZERO COMMUNICATION from MH370 that upsets people... the world is left with so many questions? How? Why? When? Where? etc etc et-far-kin-cetra!
if Karoon management were Japanese, about now they should be doing the honorable thing and reaching for the ceremonial sword!
PISS-POOR!!!
stevo, it was a very HNW investor from Sydney - I was having lunch with him up there not long after the Bilby Green Blob teaser announcement, which I genuinely expected would be followed up by Karoon with some publicly disclosed definitive information about the potential of Bilby. I was telling him that I liked Karoon (and my reasons for why) in the expectation that eventually news would flow from Karoon and justify my upbeat view...
his response was basically that he was very cautious about management.
I flew back to Melbourne contemplating his words, but I didn't act on them as I was still genuinely expecting good news flow from Karoon about Bilby in due course - needless to say his words have been ringing in my ears for many months now!
for the record, I'm still waiting for a decent public announcement from Karoon about the potential of Bilby and clarification of the Green Blob announcement!
(oh no - there is that dreaded "C" word again!)
Maybe all the nudge, nudge, wink, wink about the Green Blob is all us plebs will get? Perhaps we can't handle the truth? Or perhaps the truth would indicate there has been some fudge, fudge, wank, wank??
++++++++++++++++++++++++++
hey GZ, saddle up your Unicorn and fly off to the Enchanted Forest and give the magic pixies those messages too!
and while you're at it, here is a simple maths question for them...
Q. what is 28 + 12?
(I presume the geniuses we employ can do basic Maths? Obviously English isn't their strong point, but surely they can do basic Maths?)
A. 40
therefore it must be 40 days since the quarterly of contradictory information was tipped on us by the magic pixies, and still no clarification! PISS POOR KAROON!!
(ahhhh... two dreaded "C" words in one post!)
GZ - the reason KAR is as you say; "an ideal specimen... to manipulate" is because mgmt are seemingly asleep at the wheel, and wittingly or unwittingly, they have sent a signal that they will roll over and play dead whilst the wicked shorters have their way with the stock.
Obviously their strategy might be to lay low, say nothing, and wait for the bullies to move on. Great, they get to retreat to the bunker with the tin-hats on, whilst us poor loyal, gullible, shareholders are left outside full of misplaced enthusiasm waiting for non-existent "IMMINENT" deals and getting smashed to pieces! Silly old us! Oh well, we aren't important, we're just the mugs who fund this shagshow!
In all fairness, there is some merit in the lay-low approach, but there is one slight flaw... when did shareholders find out that mgmt's "IMMINENT" farm-in deal was suddenly not so "IMMINENT" so that we could also take evasive action? Had I been fully informed I would have happily dived into a bunker! Had I chosen to not dive into the bunker, at least I would have only myself to blame for poor analysis - however as it stands, I took a punt based on information from the company that seems to have been subsequently superseded with new information that I was not informed about in a timely manner. So much for "CONTINUOUS DISCLOSURE OBLIGATIONS"!!!
GZ, does it not concern you that shorters were slamming seven shades of brown out of the stock whilst we were sitting like mugs waiting for the "IMMINENT" farm-in? (perhaps ducky1's conspiracy theory about who is behind the shorting may be closer to the mark than even he realises?)
but maybe you are right GZ, maybe it is in fact KAR mgmt who are the real victims here? I really feel sorry for those masters of their own destiny, those who are collecting obscene wages from shareholders, those who have access to basic information about the company, because at the same time those poor little petals are clearly being dominated and controlled by evil agents of the COP... or KGB... or is it KAOS?
ffs, grow up GZ - these guys have a clear duty to shareholders, yet they are trying to avoid it under the guise of "commercial in confidence" - what a load of bollocks!!
Remember GZ, they are the ones that stood up and SPRUIKED how GREAT everything was, how IMMINENT everything was, how they were so GOOD to us to let us have SPP stock at $5.10 (by the way, how many directors participated in the $5.10 SPP?). Yet when the whole shagshow turned to custard, they quickly hid behind a thin veil of "woe is us - we're getting picked on! It's the market, it's the cycle, oh woe is me, I'm so perplexed!"
if they are truly perplexed, then they are seriously WAY OUT OF THEIR DEPTH, which begs the question; How the hell can they seriously justify the wages they are pulling?
a quick glance at the last Annual Report shows that we KAR shareholders aren't paying peanuts, but hell's bells, we are sure getting monkeys! But sadly not the sort of monkeys that roam the jungle with a glint in their eye! These are the tame circus monkeys that can only yank the handle on the organ grinder and do the odd silly dance to entertain the crowds!
Fair dinkum mate, how the hell can you try and support them? But more importantly, why are you having to do their bidding? In one of your posts you even seem to be suggesting that you have some sort of secret password to cross over to "The Enchanted Forest" where you can ask questions of the magic pixies who control our company!
maybe you can ride a Unicorn, so on the off-chance that you can get into the Enchanted Forest, here is my question to the magic pixies...
WHERE THE HELL IS A CLEAR CONCISE ANNOUNCEMENT FROM THE COMPANY THAT CLARIFIES THE BIZARRE QUARTERLY, AND AT THE SAME TIME UPDATES SHAREHOLDERS AS TO WHAT THE HELL IS HAPPENING AT THE MOMENT WITH OUR COMPANY???????????????????
KAR Price at posting:
$2.46 Sentiment: Buy Disclosure: Held
(20min delay)