CTP central petroleum limited

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O&G, great post. If MB withdrew the offer, wouldn't MB...

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Windog

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28/05/17

08:16

Post #: 24951411
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Originally posted by O&GInvestor ↑

Windog, the Scheme Deed is a long and boring read, but also quite depressing. It also has all the answers you're looking for.

The $2m is what CTP have estimated the Scheme would cost them. That includes the JonesDay lawyer, EY costs for the IER, trips around the country for information roadshows, and Origin Securities busily calling us up to tell us how wonderful 20 cents really is.

We have never made $2m profit in a year, so this money is literally our money being used to persuade us to do something which we don't want. Actually that $2m really could have been used for sustaining capital at Dingo instead, as according to the IER it's urgently required. That would then generate additional return. Burning it on a Scheme the majority of shareholders don't want is an horrendous waste, and why the current board will have lost the confidence of Shareholders when the Scheme Vote is lost.

Thankfully OptionCo resubmitted their 2nd s249D earlier in the week, so change may occur.

If the Scheme fails or Macquarie pulls the plug, we are only up for the $2m. If CTP contravenes the Scheme Deed, or accepts another offer, or tries to pull out itself, then CTP is also up for $900k+ of Macquarie's costs too.

All in all, it was a great deal signed on that sunny day of March 10th... great for everyone except CTP shareholders that is.

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O&G, great post.
If MB withdrew the offer, wouldn't MB potentially open themselves up to legal action for wasting CTP money?
With the relationship between CTP and MB as lender, aspiring owner, consultant. I just can't see MB withdrawing the offer.

CTP Price at posting: 18.0¢ Sentiment: Hold Disclosure: Held
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O&G, great post. If MB withdrew the offer, wouldn't MB...

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