If it ain't broke, page-3

So F*xkin have been reading up on how to pose as “shareholder activists”. Spare me.

Remember the first letter, timed to throw a spanner in the works of the rights issue? The humble shareholder crying “enough” (about ten minutes after buying in). Remember the folksy language? The hand addressed envelope (I thought a quill pen and a bit of dripped candle wax would have been a better touch). The writer who apparently struggled to format a document or choose a font?Talk about faux-humble. The writer who seemed impressed by the MHM offer but didn’t think to mention his long association with the MHM chairman?

It was as phoney as a 3 dollar note and it had the effect of galvanising support for the company.

I wish f*xkin would fixoff. But at least now we know the plan. Become “activist shareholders”. Claim credit for things which succeeded in spite of your sabotage attempts.

Starting with the AGM.

So round two is making sure the KIN directors have approval to raise capital if they need to. I recall they have been thinking ahead, looking to purchase long-lead time equipment or second hand bargains. Good plan. Requires cash.

I think the team will be very careful how they raise capital in future. Our (don’t laugh) “humble shareholder activists” will campaign against the AGM resolutions because the last thing they will want are more shares going into friendly hands.

I want the management team to be able to get more capital in if and when they need to. They have a great deal of skin in the game - it is not in their interests to dilute shareholder interests anymore than they have to.

We are going to have to keep an eye of F*xkin. At the very least they are a reminder that other, less bumbling raiders might come calling.