a fateful day, page-4

I thumbed up the first post, but I'm not so keen on the popular follow up post.

"It staggers me that people will not afford Central's management at least the common courtesy of congratulations for delivering at least the first step of their promise."

Whilst management do get a tick for surprise (all be it after the second go), one needs to remember that:

* They spent heaps of money (and created loads of dilution) chasing coal. It's not wasted money, but it could have been used better. Lack of money is ctp biggest problem now.

* They gave farm ins to companies that could not deliver.

* They gave one farm in a free look (bizarre).

* Oil flow likely (enough said).

* They gave false hope in the past that a major would farm in.

* They agreed to a rolling bond facility which created massive dilution and downward pressure on the sp over a long period, as they sold their cheap shares on the market and profited at shareholder's expense.

All that said, ctp could still be worth billions in the future, it's just now holders have much more dilution and much less upside than they did.

Just because somebody gets one thing correct after many failures - it doesn't mean that they should be showered in glory. As stated, they have made the first correct step, but they stumbled many times before that step at the cost of the long term and most faithful shareholders.