This, fellow retail shareholders is your *VERY LAST* chance to...

This, fellow retail shareholders is your *VERY LAST* chance to exercise significant control over the board of KEY.

I have seen these type of votes time and again with spec stocks.

Every time honeyed words are written about the reasons for the placements and managements intentions and how good it will be for retail investors who hold most of the shares prior to the vote.

And almost every time it ends badly.
And due to the very large amount of shares that end up in 'friendly hands' at cheap prices, retail shareholders lose the ability to affect board decisions going forward.

If we are on the verge of progress on one or more of KEY's projects it is better that the long suffering retail shareholders who have had capital tied up in KEY for up to 3 years are given the chance to evaluate the companies prospects once that information is released, and first decide whether they themselves want to inject more capital in the company.

Not sophisticated/institutional/corporate investors who have not had any capital tied up in KEY for even one week of the last 3 years.

The last SPP failed because there has been no progress on the projects for over a year and the UK acquisition has potentially no upside built into it unless a high risk drill goes successfully.


Verily, as the bats in a darkened cave crap out a mound of guano on what lies below, KEY management are about to crap out a mound of shares over the retail shareholders while they too dwell in the dark about progress on Tanzania and Italy.

Surprisingly, other posters who don't speak out against the placement even think that KEY management have been in discussions with Aminex and know that the seismic results will require accelerated spend in TZ!

Now imagine if they are 1 month away from announcing a potential 200bcf find at KN1 and the likelihood for another +1TCF nearby due to a potential large gas field on the east of Songo songo.

Would you seriously vote to have a 33% dilution if you had known that KEY was about to be a +$100m company?

Would you want the company to find $7m to drill another well? Yes!

But wouldn't you rather provide that capital yourself to avoid dilution and let the *under subscriptions* go to new investors?

While we are kept in the dark about long awaited progress, the results of which must be imminent, it would be imprudent to vote for a large dilution.

Far better to vote -> NO <- now and knock back the attempted dilution until all the facts are on the table.
The company can call an EGM or do a SPP in a few months once clarity is delivered on TZ and Italy.

Arise from your bat cave and shake off the guano to vote.

And ensure you get confirmation in writing that your proxy has been received by the company prior to the vote.