My guess...other than the drillers, everyone at CTR went away for the Easter break.
Probably even prepared the "trading halt" request before they went away, post-dated for the 22nd (but accidently wrote "Monday", forgetting of course the market opened on Tuesday).
Then they spent a "work day" putting the announcement together on Tuesday, based on what ever happened over the break.
Technically speaking, there is nothing wrong with this of course, but it shows the difference of commitment you get from a group of non-industry types doing little more than "administering" a distant project that is actually being managed by others (ie LAR), versus a hands-on project team whose interests are aligned with shareholders and want to see higher prices and minimum dilution just like the rest of us.
And this is an important point...technically, for all intents and purposes, CTR appear to be acting well within the law at all times...but is this really the best shareholders should be expecting from their boards...technical compliance?
Sounds very legal to me.
Perhaps CTR should be compared to an investment, or holding Company...but with significantly higher "management fees", less onerous regulation, and an on-going sea-anchor in the form of linked-at-the-hip financiers.
In this regard, it would be interesting to equate the directors fees to actual hours spent working for shareholders.
For CTR shareholders that is...
The drilling of AT#5 is arguably the most significant event in the Company's history...from what I can gather we do not have a representative at the drill rig, overseeing activity at our only real asset, and it appears they could not even be bothered penning an announcement in time for Tuesday's market open.
There was nothing in yesterdays announcement that could not have been prepared on Monday.
Is this the best shareholders can expect?
As many of you know, I know something about this...I prepare announcements for an ASX listed entity, and this means when material news happens there are no such things as "breaks" or "holidays"...the need for timely disclosure is paramount.
We owe that to our shareholders.
The sad thing about CTR's MO is that it clouds what is shaping up to be a fantastic asset, and what is also likely to be a highly successful, Company making well.
The market simply will not buy into it however as they are scared the assets will be gifted away from under them...as it appears to have been to date.
The fall in price from 4.9c some 18 months ago to today's prices, in spite of significant success in two wells to date, is clear evidence this is possible. It doesn't matter how successful a well is, or its impact on field size, or how much value a re-rating adds to the market cap...if they issue shares faster than they grow the value, the share prices falls.
So who makes money then?
The financiers...and nobody else, which means they are effectively taking any newly created value and giving it to others.
This is the reality of the last 18-24 months of holding CTR shares.
Posting about this does not cause the price to fall...and not posting about this doesn't make it go away...its already been done, and its impact is evident in today's prices, and in today's lack of interest in the stock.
Any other Company with similar activity and news would be rallying hard, under the control of a market attempting to bring forward future value to today's prices.
But not whilst the placement confetti continues.
If this were to stop right NOW, and the Company were to signal an end to this absurd stream of placement after placement, the market will eventually buy into CTR...but not before.
Don't shoot the messenger!
Cheers!
CTR Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
(20min delay)