KAR is a producer

It all seems to be a perverse set of circumstances where we find the sp at 95c and a CR at 93c, We all hope that KAR will be rerated on becoming a producer in the acquisition of Bauna, and on the ann of the Bauna acq. the KAR sp raced to $1.80 in a manner that reflected the new status as a soon to be producer - HOWEVER if anyone took the time to noticed KAR is a producer and has been now since january 2019!!!!

so what of the rerating then - is the mkt so scared of the risks out there - ie the Brazil gov wont ratify the acquisition ( aurely only a weak chance given history though still not completely out of question - but all funds and debt would be repaid), or some other unknown risk, is the debt too large to service?? ( all the figures point to it not being onerous), are there risks to the production profile? ( doubt it, it has been producing successfully for years), is there little oil left?? ( no still good years remain and additional 2C resources might convert to reserves) - so why are we really at 95c

could it be just so the placement was made at a level that makes it a laid down mazaire for the big end of town.

the only saving grace is at least the mums and dads do get a look in at these prices too, but as commented on here can many stump up the extra - In many ways a cant see too much downside but Hey - i didnt see 93c CR 3 months ago when sp flying on acq ann. But i am inclined to take up my entire share just so the underwriters dont get any of my allocation