Interesting that KEY say that the timeframe for a capital...

Interesting that KEY say that the timeframe for a capital raising is too long, thus requiring them to seek approval for a raising before a use for the funds is even identified.

This is not supported by their own recent acquisition of the UK assets.

KEY announced the acquisition of their UK assets on 26/6/09 yet the transaction was not completed until 1/10/09, that is much greater than the 35 day minimum they quote as required for an EGM to vote on a placement and more than sufficient timeframe for KEY to make a rights issue to existing shareholders in relation to the UK acquisition.

26/6/09 - UK asset acquisition announcement
6/7/09 - Capital raising via an entitlement offer announced
11/8/09 - Capital raising closed under-subscribed
11/9/09 - Capital raising finalised with the under-subscription raised via placements with sophs and the like
1/10/09 - UK acquisition finalised

Remember if we vote yes for Resolution 3 but no for Resolution 4 that still enables them to make a placement of up to 15% of the issued capital without requiring any shareholder approval. A touch over $2m based on current number of shares with an 80% discount to the current shareprice.