ken's response and my follow up response, page-26

As you would appreciate, Key has numerous proposals presented to it from time to time – these are evaluated and if we have any interest in pursuing them we engage with the proponent and establish whether there is the basis for a transaction which would add value to the Key portfolio. Typically, most of these proposals are not pursued for one reason or another. It is an advantage however to have the immediate capacity to issue new shares as consideration for a transaction, should a decision be made to proceed.


My problem with the above response is that clearly this has been the case throughout KEY's time as a listed entity so surely this need is not new so why Resolution 4 now?

Fair enough they've previously had cash in the bank and still do, and I understand that most of the current cash in the bank is earmarked for UK assets workover.

If they don't have anything right now that is worthy of purchase then why ask for a blank cheque now?

I am not convinced with that reply, as Asteroider has pointed out all it has done has help cap the shareprice going forward.

My view at the present time is that if they don't need the cheque now then don't give them the cheque until they do need it. If that means a missed opportunity then thems the breaks.

We've got Tanzania, Italy, UK & Suriname, lets get them happening and then leverage off those results rather than diluting the share base.