coe announces zeta deal, page-15

Surely the KEY board and the Zeta MD did not know when they spoe to me a week ago that the deal was going to change this significantly? This must be a last minute change by COE who had the negotiating position, a new MD and possibly put the worst possible deal forward to try to get out of the deal on the basis that if it proceeded they could still back out in a couple of months with no explanation and get their money back.

I will be absolutely GOBSMACKED if the KEY board come out on Monday and recommend this new deal and possibly schedule another AGM to vote on the new terms.

I will be equally GOBSMACKED if the top 2 shareholders are asleep at the wheel and don't fax through replacement vote forms before 10 am tomorrow.

Personally I hope this can be nipped in the bud on Monday - the vote on the old deal is knocked back and the board does not bother to recommend the new deal.

This is becoming an absolute farce that is turning KEY into a penny dreadful!

I think the KEY board and old directors that still hold shares should pull their horns in and relinquish control.

Surely they MUSt realize that investor confidence is COMPLETELY shattered by this long string of non-deliveries, asset sales, asset losses, permit denials and now this restructured no-value Zeta deal??

As for WSS - who knows what deal is being done there but that may be out of our hands by now if the TZ govt is putting the pressure on. Oh the irony there.

But for the rest, I really hope this gets knocked back next week, then lets put a new board in, cut costs to bare bones, try to break-even in the UK for now, hope we get a big gas find in TZ that can revalue the share otherwise keep KEY ticking along until a new board can find an interesting project on better dilutionary terms than this Zeta deal.

I mean right now we are facing what a 75% dilution for a project that may not be viable and with no enforced spend commitment from COE?! Come on! I would consider the KEY board MAD to recommend this new deal. I cannot IMAGINE they will be recommending this next week.