Karoon CEO schmoozes investors, but activists aren’t backing down

Karoon Energy chief executive Julian Fowles is a busy man. Fresh off Karoon’s United States roadshow, Fowles made a surprise appearance at the Macquarie Australia Conference on Thursday before jumping on a sell-side analyst call on Friday to field questions as the stock continues to slide.Karoon Energy’s Julian Fowles has just come off a United State’s roadshow and debt raise with its advisers Deutsche Bank and Macquarie Group.

Karoon’s activist consortium Samuel Terry Asset Management and Sandon Capital leapt on the comments. The pair is urging the company, which they say has evolved from explorer to producer, to return capital to shareholders via dividends or buybacks and railing against recent acquisitions like Who Dat and the capital raises to fund them.They hope to convince shareholders to vote against five of the nine resolutions tabled at the company’s annual general meeting on May 23.

Woollard added that he was “deeply disappointed that the Karoon Board continues to kick the can on shareholder returns”. No formal meeting between the two warring sides has been set but there’s plenty going on behind the scenes to corral voters, on both sides.

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