CPSA Where are you?, page-25

the problem as I see it is that the Board has recommended that s/h vote Yes.
the reports are that if the s/h vote No, and Scheme fails, then the M/D, and maybe the rest of Board, will resign!
So that would appear to be a scenario of vote Yes, or s/h are left with company with no board.
and that would be disastrous.
it is illegal for a company to have less than 3 directors.
it would have to be Suspended from trading on ASX until CTP complied with rules.

What CB has done is give s/h an option.
S/h now know that IF they vote No, that at least CTP will comply, it should still remain listed, and will have at least some continuity. S/h can then later re-constitute the board if they wish.
I think the move (the board in waiting) actually will help to preserve value. It's not so much as to who is nominated, but rather that someone is in waiting if the current board resigns en-masse.
IMHO it was a good move, and a positive move. You now have options.