top 20 shareholders, page-5

dapper,

Just some personal observations from your post:

You wrote - "If Aminex needed to sell their 2,000,000 shares in KEY for funding other projects then we are in bed with a cot case!"

My view - I strongly disagree. Aminex are an oil & gas explorer (and producer one day too, hopefully!). They are not an investor or fund manager, so have no need to hold any shares. They are non-core to their main business.

You wrote - "Maybe the lack of progress on their projects is one of the reasons why the top twenty shareholders has changed to the extent it has in the past two years, ie they also were not impressed with KEY's performance and have moved their money to greener pastures?"

My view - I definitely agree. I didn't partcipate in the 11c 1 for 2 cap raising, as I saw limited upside without meaningful progress in Tanzania and/or Italy. I'm sure other holders shared the same view. The even smarter ones (at least in the shorter term) have sold out altogether, to make better returns elsewhere. I continue to hold, because KEY does look too cheap at current levels. I'm stubborn too. Unless the story changes for the worse (eg. we lose Italy and/or Tanzania never gets progressed), I'm going to see it through. I'm anticipating this might take another 2-3 years, but I still expect to profit from my investment in KEY.

As I said in my previous post, I share your frustration, and didn't aim to offend. KEY management need to provide more clarity (of information) and respect to shareholders who have stuck by the company.