this is an extract only. it should be available here from Google...

this is an extract only.
it should be available here from Google
http://www.theaustralian.com.au/bus...m/news-story/c868e0808ad2ae8fd7060214f098c913

• The Australian
• 12:00AM May 15, 2017

Rebels to spoil Macquarie bid for Central Petroleum

A group of rebel shareholders has emerged as a potential spoiler in Macquarie’s $87 million bid for the Richard Cottee-led Northern Territory gas player Central Petroleum.

A collection of Central shareholders on Friday formally submitted a requisition notice calling for a spill of the company’s board, just weeks ahead of a vote by investors on the Macquarie offer.

Former federal senator Nick Bolkus is one of three directors put forward by the group, which calls itself OptionCo and which believes the 20c per share offer from Macquarie “materially undervalues” Central.

OptionCo is also putting forward BP veteran and former Dana Petroleum chairman Colin Goodall and mechanical engineer Stuart Howes as nominees for the board.

The rebels have said they support Mr Cottee remaining with the company as managing director, even though he is part of the board that has endorsed the Macquarie offer.

The move from OptionCo is distinct to a similar campaign from former Central managing director John Heugh, who is also agitating against the Macquarie offer.

A frustrated Mr Cottee said that while he understood why long-term holders of Central may be disappointed with the Macquarie approach, it was important that the Central board put the offer to shareholders to consider.

“We would be recklessly indifferent to our director’s duties if we didn’t allow the shareholders to vote on it,” Mr Cottee told The Australian.

“I would find that as treating the company as your personal fiefdom, and that’s not the right thing to do.”

Central on Friday held the first in a series of scheduled investor briefings around the country to discuss the offer, with Mr Cottee warning that Central was already highly geared and needed to spend about $42m on its flagship Mereenie gasfield to take advantage of the east coast gas shortage.

He revealed the company had approached more than 80 other groups seeking a superior alternative to the Macquarie offer without success, and also noted that only 3.2 per cent of the company’s shareholders supported the company’s 2015 share purchase plan.

“The solution has to be one where the company is properly capitalised in order to take advantage of the east coast gas shortage. If you’re not capitalised, you’re just a brilliant person who’s been a victim of the market that you can’t take advantage of,” he said.

“If the no vote gets up, then you will need to look at how can you make sure the business continues viably. Is it the right thing, when you’re short of capital, to create massive amounts of heat and lightning and a civil war?”