Dear CPSA Member
I hope you had a good Easter break.
This is just a brief note to welcome our new members and provide you with an update on what has been happening since the last circular.
The CPSA Member SoA Survey #1 has been completed by a majority of members. Thank you for doing this. The results currently suggest an overwhelming majority do NOT believe the current takeover offer by Macquarie represents fair value for the company or CTP's potential. The survey also revealed that most members do NOT believe the present structure of the CVN’s will provide any meaningful value and that all longer term shareholders will lose on their investment if the Scheme of Arrangement proceeds. This survey, and others to follow, are important to help the CPSA assist the majority of our members. For those who have not yet completed it, please invest 5 minutes of your time.
The survey also revealed a few members are not really aware of the CPSA’s history and it's purpose. The CPSA only acts on behalf of CTP shareholder members, and it’s purpose is to assist the maximisation of shareholder value through providing a platform to act as a group. While we have historically worked closely with the current board, and CEO Richard Cottee, we are independent and not beholding to them. The CPSA has NO affiliation whatsoever with Macquarie Bank Group.
The CPSA has facilitated many presentations in person and by Skype for CTP in the past five (5) years since inception. The CPSA considers this a service enabling members to have access to the CEO Richard Cottee, to hear him direct and to have questions answered. We expect the CPSA will be asked to circulate its members again and perhaps facilitate presentations prior to the general meeting to decide on the fate of the SoA. Please note that facilitation by the CPSA should NOT be considered an endorsement of the SoA.
Next week the Explanatory Booklet including the Independent Experts Report (IER) should be released. We look forward to being able to review this document and hope it satisfies many unanswered questions regarding CTP and it's future prospects.
CPSA members should be aware that we have been advised a small group of shareholders are potentially looking to propose an alternative to the current Scheme of Arrangement, and we will update members as we receive more information in regards to this.
The CPSA continues to grow in membership, and we welcome any new members (who hold CTP shares) which you may be able to invite or pass on our contact details to. Similarly, we request all members to include this e-mail address in a “safe list” and occasionally check your Junk/Spam folder, as with so many e-mails now going out some may end up accidentally being considered spam.
We will update you further as information comes to hand. As always, your comments and feedback are welcome.
Regards
Robin Judd
Central Petroleum Shareholders Association
Telephone: +61 8 6436 2888
Mail: PO Box 748, South Perth WA 6951
The Central Petroleum Shareholders Association (CPSA) is not a legal entity but rather an independent forum platform and database created and controlled by William Buck Group (WA) Pty Ltd for the benefit of registered shareholders of Central Petroleum Limited. Further details can be found by referring to the Privacy Policy on the CPSA subscription website http://www.ctpshareholders.org/
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