what has happened to key, page-2

In simple words:

1) The directors got from key 300,000$ salaries plus a lot of money in consultations done by companies own by the directors.

2) They bought a rubbish oil field in UK that cost us an arm and a leg. This cost us around 8M$ to get 50 barrels plus we do not know if getting the 50 barrels per day is a profitable anyway. The operation cost might be more than what we get for the 50 barrels.

3) shutting down uk might be very expensive as a result of government regulation to "cement the fields". Someone mentioned a 20M $ cost to shut it down. I must admit that I do not have precise information regarding this.

4) The directors got from the shareholders money to drill in Western Australia. The directors themselves (though they are shareholders) did not participate in this particular spp.

5) The directors tried to get out of Tanzania and to sell the gas discovery. They got rid of most of TZ assets.

6) The directors kept spending the cache key got like "there is no tomorrow"....

7) Finally key wants to merge with a Romanian company. No idea what happen at the end. This deal sounds very fishy.

8) The directors generated a lot of income from key to their bank account. I guess they are very happy with the outcomes.

9) Some shareholders tried "to fight" the board of directors. Some shareholders think that 300,000$ per annum salary for a director is nothing! Three directors could end up taking 3M$ from the company while the entire company is worth less than that.

10) Some shareholders want to complain to ASIC.

Somehow this company is still alive and the directors have a big smile all the way to the bank!

Have a nice day,
Amer.