Ann: Board Update, page-4

Actually I would love to be proven incorrect with any of my previous comments, or any of the following;

Robert Hubbard joined the CTP board on 06 Dec 2013, per Page 73 of the 2014 Annual Report.
At this time the CTP share price was 39.5 cents and there were 309.2m shares issued, giving a market cap of $122m.

Hubbard signed the Scheme Deed on 10 March 2017.
The offer was valued at 21.5 cents, providing a takeover value of $91.6m based on 433.2m shares issued.
Brent oil at the time was US$51.37, and based on a USD/AUD FX of 0.77 the price was A$67/barrel.

Hubbard’s departure was announced today, 30 April 2018.
Share price closed today at 14.5 cents, and a market cap of $102.5m.
Brent Oil is US$74, and the USD/AUD FX is 0.755, giving a price of A$98/barrel.

Are the facts above too harsh? Here is also what Shareholders have paid for these services:

2014: $43,989 (pp. 24 of 2014 Annual Report)
2015: $78,840 (pp. 27 of 2015 Annual Report)
2016: $126,472 (pp.25 of 2016 Annual Report)
2017: $120,450 (pp. 24 of 2017 Annual Report)
2018F: $104,610 (forecast based on prorating 317 days of FY18 from 2017 income)
Total: $474,361

According to the 2017 Annual Report Mr Hubbard has 298,947 shares, and confirmed in the (already outdated) Corporate Government Statement released today, which are currently valued at $43,347. Quite a decent sized stake in the company…

I don’t need to be harsh. The facts & figures themselves adequately explain the situation. Mr Hubbard is the Chairman of a publically listed company, so a reasonable level of scrutiny of performance is to be expected from shareholders.