CTP central petroleum limited

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BOARD / MANAGEMENT CHANGE STRATEGIES, page-10

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aabbaadd

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15/06/24

16:33

Post #: 74331952
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Originally posted by aabbaadd: ↑

Posters here seem to agree CTP has significant exploration / development potential. Dissatisfaction seems to be primarily directed at BOARD / CEO. These matters have been commented on, since Macquaries failed take-over attempt, without resolution.

SURPRISE is associated with previous CEOs and BOARD members. Current CEO is associated with financial success of buying producing fields. Since current CEO appointment company reporting has been lifted to and maintained at new professional level. He is associated with AU$12.5 million profit on RANGE sale. Drilling disappointments have occurred on his watch. It is a mixed history.

BOARD appointment Mick McCormack was seen as positive at time it made. What difference he has made since is unclear. Strategic Review has been done in secret and outcomes initiated without shareholder involvement or subsequent direct discussion. BOARD refocussed strategy and presented it as fait-accompli.

Troy Harry appointment to BOARD was done by CHAIR without shareholders knowledge and subsequent detailed explanation. Troy Harry's productiveness on BOARD is unclear. He now acts for others with benefit of comprehensive access to CTP information not available to majority of other shareholders. At time of Macquarie failed take-over attempt he appeared opportunistically acting hostile to other shareholders intending to make make quick profit and exit completely. He became trapped with little knowlege of CTP business. His holding and knowledge of CTP matters have since increased. Would he again act hostile to other shareholders in their attempts to initiate change ?

Agreement to act among shareholders to drive BOARD and MANAGEMENT changes would only succeed where goals of change are clear and articulated. Changes would have to be directed at eliminating those seen as unproductive / unresponsive and new appointments would have to be of people with demonstrated abilities and achievements consistent with producing shareholder aims.

CTP exploration / development prospects were reviewed, interpreted, articulated, ranked for development by its short-term GEOLOGIST some time ago. It was a richly informing useful process for non-BOARD / MANAGEMENT shareholders. That level of analytical informing has not been maitained.

Financial management has remained prudent with actions taken managed within financial capacity including smart management of borrowings. New share issues have been avoided with existing holdings being non-diluted - that is different behaviour to previous BOARD and CEO. BOARD's recent decision to focus on dividend payments to shareholders marks significant change of attitude - change following first salary strike by shareholders,

How may more substantial changes be wrought by shareholders ?

Who is to go - why ?

Who will replace them ? Where will they be found ? What knowledge, skills, initiative must be demonstrated ?

Why would talented prospective DIRECTORS join BOARD ?

Would non-dilution continue ?

Who / how would efforts to initiate change be organised ?

Now is time to prepare to use AGM to bring about change.

Expand

Free cash flow is available for dividends now. Current intention to retain all cash is unacceptable. Move now to motivate Board before AGM.

CTP Price at posting: 5.6¢ Sentiment: None Disclosure: Held
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