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I’m not sure Mr. Winter Bee played any role in the fund raising Ella? Have you seen anything that supports that? I think Ben made the point that he was responsible for the fund raising and I seem to recall that he met these people at the investor conference he attended over a year ago. I think that’s where it came from. Credit where credit is due: I think it was Bens selling skills that pulled off the fund raising. Thanks.
Thanks for that Keith. My observations on your points are:
1. KAV have a history of holding back information and keeping investors in the dark. They have done this in a major way with the KSZ campaign last year and have continued the same behaviour with this latest campaign. They will probably use this new timeline of end of February as an excuse not to tell us anything about the progress of the drilling at PL082. There was talk of finding the ‘holy grail’ but all we got was a few photos of a rainbow and some Kalaharo wildlife.
2. It comes as no surprise to me that they failed to find a JV partner for the KSZ. For starters their reputation amongst investors generally is at rock bottom. Furthermore it is unrealistic to expect a JV partner to come rushing forward with large sums of cash when KAV want to remain the controlling party. To have a realist chance the minimum they would need to give away is 50% and probably a fair bit more.
Still live in hope that they will somehow manage to turn this ship around. I was hoping that the new non exec Mr. Winter Bee would help make a difference but there has been no sign of him so far.
It seems that the campaign at PL082 has been a complete failure hence the efforts now to move the discussion on to the KSZ. KAV should at least do the decent thing and let us have an update on what actually happened and what their next steps are at the KCB. It would of course be great to get an update on what their plans are at the KSZ. Hopefully they are not waiting till the end of February now before they provide any meaningful updates.
Agree with you both fbrj and legal. The KAV board have a responsibility and need to show a presence. We have had several previous instances of missed deadlines due to Ben having COVID, catching the flu and attending an investor conference. They do need to make a case for KAV not just being a one-man band.
Well said Cox. Regardless of which side of the argument anyone is I’m sure everyone one here would wish Ben and his father all the best. Many of us would sadly have gone through similar circumstances and completely understand that family and health should always come first.
I agree JP. It could be a group of disgruntled shareholders or even one of the new ‘strategic’ investors. Only needs 10% to convene such an AGM. Maybe someone not happy with the terms of the options the board have decided to award themselves?
Boots on the ground is nothing but a vanity project for BT. Adds no value whatsoever and there seems to be a strong correlation between the share price dropping like a stone every time it is published. Who but a vain person would issue a newsletter ‘from the desk of’ in this day and age - it’s reminiscent of scam investment newsletters from the 80’s.
Agree with you on the volumes BCB. But the problem is and has been for a long time now that there are always more sellers than buyers for this stock hence the decline of approaching 80% now. The current SP clearly does not price in any short term discovery. What we need is some leadership from the KAV board to restore shareholder confidence. That means less of BT and more of seeing and hearing from others at KAV.
What do the founders of KAV think of this shambles? Whatever happened to Mike Moles and Hilary Gumbo? Surely they cannot be happy with this performance?
Where is the new non executive director Winter Bee? We have not yet heard a squeak from him.
I have had the view for some time now that KAV will succeed despite the current CEO rather than because of him. I was rather hoping that the other more senior / experienced board members would be able to provide some leadership and guidance to BT but they all seem to be asleep on the job.
The new investors with ‘deep pockets’ can also be hardly pleased with matters having lost a third of their investment in a matter of months. The market cap prior to the last fund raise was £8million and is now below that figure despite having raised £3.5 million cash.
The board / strategic investors need to get a grip before it is all too late.
Does anyone have a clue what’s going on at KAV? Seems to be deja vu from last year: appalling lack of communication and a tumbling share price? Also, there was supposed to be a stock box interview that has been held back / pulled??? Anyone have any idea what is going on???
I’ve had a sizeable short position on Tesla for some time now Cox and very happy with the drop. The reason I am short on Tesla is precisely the same reason I am long on KAV: value based on risk / return assessment. Just as it was obvious that Tesla was massively over priced for so long it is obvious that KAV is massively under priced given the risk / return profile. The KAV sell off is well over done. This is very common on the markets. Prices are often excessively and unjustifiably high as has been the case with Tesla. Or over sold and undervalued like KAV. Problem is you need patience. Things don’t correct overnight.
Legal I think the prospect of a JV is potentially good news. All depends of course on the terms and as we have seen previously BT has done deals that favour his mates instead of KAV shareholders who are left picking up the tab.
Prior to the fund raising the market cap was £8m and following the raise it briefly rose up to £11m but has now fallen back to £8m as the share price has continued to plummet - presumably on the back of disappointment over the progress at the KCB. A market cap of £8m when the company has over £3m in cash implies that the market is not pricing in much of a chance of discovery. A decent JV for the KSZ should hopefully change that as it should bring in more cash, derisk the project for KAV and increase the likelihood of a discovery. All remains to be seen of course and I am hoping that the appointment of Mr. Peter Wynter Bee should help the direction of the company and more generally the reliability and trustworthiness of the company in the eyes of investors. Hoping for a much better 2023 than the awful year we have just experienced.