not so sure about lack of confidence in the board though. Remember that the SPP tanked at 5.5 cents per share closing 25 January 2012 with only a 9% shareholder response even after the flow test announcement at Surprise. The dismissal of JH was announced on the ASX 26 March 2012. On 4 April 2012 institutional investors stumped up $11 million at 8.5 cents per share. A reasonable vote of confidence I would suggest, without which on all indications at the time the CTP thread would have terminated on HC probably around mid year.
I make this conclusion by reading the content of the 11 May 2012 notice of general meeting, which informs that on 1 February prior to a board meeting (note after the SPP tanked) it was noted that CTP was significantly underfunded in relation to required exploration expenditure for the remainder of 2012 and that CTP was not in a position to drill another well without unacceptable constraints on working capital. This suggests carefully chosen wording to prevent scaring the horses. The ASX does not permit copy and paste so I have just lifted the wording, more or less.
Hopefully this adds some perspective to some otherwise rather rash comments and curious suppositions. Although the statement above that " they were broke mate" does highlight what could have become the case.
CTP Price at posting:
11.0¢ Sentiment: None Disclosure: Held
