Lovable Todd Kozel once “feted & loved” by the minions (Myself included) who inhabit the nether regions of the London Stock Exchange’s Alternative Investment Market, has issued 100,000,000 million shares; according to todays RNS this puts £1,000,000 on the authorised share capital of the Company increasing it by “US$1,000,000 from US$70,000,000 to $71,000,000 by the creation of 100,000,000 new common shares of $0.01 each ranking pari passu in all respects as one class of shares with the existing common shares of $0.01 each in the capital of the Company.”
I have never in all my life read such a bogus RNS as the one released today by Kozel & his cohorts. It is abundantly clear that Kozel, once held as a living deity by Private Investors in the early days of glory has yet again stabbed Private Investors in the back. He couldn’t care less about them. To try to pass off a 100,000,000 share dilution as a £1million pound placing is testament to how much regard this company have for Private Investors. None whatsoever.
The 2011 accounts also contained other “goodies” such as Bonus shares, Share option plans. Long-term incentive schemes, 9,490,000 Shares for Directors & employees. In addition to these the “Trustees” also granted a further 2,300,000 shares to, yes you’ve guessed it, a “New Employee & Director (Fill your boots!) Group share option plan.”
My personal favourite scheme is the “Gulf Keystone Executive Bonus Scheme” whereby 10,000,000 shares are given to the Directors & Executives for absolutely nothing! Yes; Zilch, Zero, Nil poi, Free! Free shares for the Directors & Executives at GKP! AT TODAYS CURRENT VAUE THEY’VE JUST TROUSERED £16,000,000 that’s on top of the 10,000,000 shares granted on an “Exit Event” (ie Sale of GKP).
It’s been going on for the last 2 years. Greed has grown to rampant avarice. The well is being poisoned. It’s got to such a point now that they barely try to conceal it. You can bet your last dollar that this will carry on through-out 2013 there will be more financial gymnastics all bearing a common thread. More money for Kozel and the Board.
So who have Gulf Keystone marshalled to sugar the turd being rammed down Private Investor’s throats? Why it’s that great city institution Pelham Bell Pottinger of Trafigura (fame) Oops Shame! They are the best in the business. Pelham Bell Pottinger can make you believe that the turd in your mouth is actually a Murray mint. They are that good!
Is there any point going any further here? I think we all get the picture. Just one more point in the great GKP Director pocket-lining story. Exactly how many Private Investors have had so much as a sight of the trough let alone a sniff? Answer? Zero.
It’s time to walk away from this company. Private Investors should not have to stomach the gluttonous corporate slugs of Gulf Keystone Petroleum sucking up all the cream while being shat on from the GKP Elephantine rear.