ETR (ASX) Voting on Resolutions

Originally posted by cspro ↑

So disappointing when you head to HC to look for a bit of constructive feedback, and proceed to read through a few pages of the usual back and forth bickering with almost zero useful information contained within. CTR threads seem to be some of the worst for that.

Yes, I get it - I am an idiot for holding CTR and probably should have dropped it long ago. Since it's one in my bottom drawer I always lived in hope that a small miracle might occur and something good might come of this flea-ridden mutt (and I suspect I'm not the only one in that boat). That hasn't happened yet and the current resolutions being put to the GM don't indicate that there will be much change to the situation as far as I can see. However I am keen to make my vote count. Since current holders have no way to get out of the stock at present it seems to make sense to try and do anything we can which might help this thing to re-list one day in a state which might bring a return to us. I wonder, how can we best do that with our vote? I did see some a couple of posts on the other thread from gassed and madeinnz about how they're voting. I'd be keen to hear further opinions about how we could vote with a view to making our vote worthwhile.

Please (pretty please) could we restrict this thread to some constructive feedback rather than the usual *ahem* drivel?... thanks!

Regarding the resolutions:
R1. I guess we have to vote For this since it seems to be the only play CTR currently has.
R2. Wouldn't we be forced to vote For this as well? If we vote against, wouldn't it put the Texas acquisition in jeopardy? I honestly don't understand how it works - management have already made this agreement: if we vote against it what is the outcome?
R3. Absolutely Against. IMO this would be the quickest way to ensure that the SP goes lower when CTR re-lists.
R4. I would want to vote Against since I don't see why these guys should get oppies as well as their loan with 50% interest rate.
R5. As above.
R6. As above.
R7. We probably need to vote For this since the company needs money in order to operate, however I am not actually sure I trust management to spend it wisely!...
R8. This one I don't understand. It seems we're forced to vote For this, otherwise the debt is not repaid, we owe them $2mil which we have no way to repay and therefore the company would be trading insolvent. But it gives Gorilla Pit and IBT Holdings more than half of the company. A win for them, no doubt. And yet in the notes section it says the Lender is not allowed to hold more than 20% of the company. I just don't get this - how can we vote on a resolution, the outcome of which is not allowed to occur??

Please forgive me if these seem like silly questions. I am an experienced investor but have always taken the easy (lazy man's) route of rarely voting in meetings.

Shame there is no mention of Atzam which might have actually given us a reason to want to pass more of these resolutions.

I'm sure there are others out there with more understanding than I as to the impacts that these votes might have. Anyone care to add?... cheers

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Just a couple of points

Res 2 is to allow them to issue further shares as these were issued under rule 7.1. (15% )
A vote for, allows them to issue another 80,000,000 or another 8m post consol

5 -6 and 8 are the same as above.

8 is the loan that Bronze and mates gave to finish testing. A strong message to management should be sent on this as non of that money seems to have resulted in the completion of this well. (Just like the storage tank)

They are already asking for 1b or 10m post in Res 7. Which would just be to keep the lights on.

If this farm in is so close and Texas paid for. That's all they should be given. Because the more they can issue................. The more shafted you are going to get from whatever deal is going on in the back ground.