Why are people voting against CTP?, page-51

The bidder appears worried about the chances of the scheme getting over the line.  I received the below from Origin Capital Group yesterday and was wondering if any other shareholders received same?

We are contacting you on behalf of Central Petroleum and understand that you are one of the more significant shareholders, with x,xxx,xxx shares.

You may be aware that there is an upcoming Scheme Meeting, at which Central Shareholders are being asked to vote to approve the acquisition of Central by Macquarie MPVD. Under the Scheme, you will receive a cash payment of 20 cents per Share and one Contingent Value Note for each Central Share you hold on the Record Date.

Negotiations between the Central Board and Macquarie MPVD have resulted in an offer which is at a significant premium to Central’s market value prior to the announcement of Macquarie’s initial proposal and the value assessed by the Independent Expert.

In the absence of a superior proposal the Central Board recommends that you vote in favour of the Scheme. The Independent Expert has concluded that, in the absence of a Superior Proposal, the Scheme is fair and reasonable and therefore in the best interests of Central Shareholders.

The directors also note that, without the Macquarie MPVD proposal the Central share price is likely to fall.

As every vote counts and the outcome of the Scheme Meeting will affect all Shareholders, the Company urges you to carefully read the Scheme Booklet and vote on the Macquarie MPVD proposal, while it is available.
You may do so by either voting online (https://www.investorvote.com.au/Login?cn=9368&demo=N) or by completing and returning your proxy form (enclosed with the Scheme booklet) before at 10.30am (Sydney Time) on Saturday, 3 June 2017.
If you have any questions regarding the above, we would be happy to be of assistance.

Kind regards,


xxxxx xxxxxx |Executive Director
Origin Securities Pty Limited

Cheers SV