RE:TOPIC : A.G.M I am not a apologist for management in any way.
I try to look objectively at all of the facts.
It was June 2021 before Valeura received its cash for the sale of its shallow gas assets.
Financially, they did not have the capital to make any significant acquisitions before then.
There was no way they could have committed to any deal without having the capital in hand.
So, let's forget the 3 years BS.
You can argue that they should have had their ducks lined up by then.
Fair enough .
But asset prices were not cheap at that time .
It's not unlikely that the imminent availability of the KE assets was known at that time .
So, in my view it comes down to how well the current assets have they chosen versus paying full price for other assets ,say, in June 2021.
I like the risk aversion of what we have just acquired .
We keep 95% of our cash and pay out only modest amounts of contingent costs from future cash flows from these assets.
That means we can still afford to aquire interim cash flowing assets.
Is that likely before the AGM ?
With a significant discontent among shareholders, what do you think ..