Central Petroleum Shareholders Association, page-30

The CPSA stated the following on Friday

If the vote is lost (quite conceivable) what then becomes of the company, Richard Cottee and the board and management? What will Macquarie's attitude be to CTP going forward? Will they look for a breach of covenants on the debt and foreclose? Will they make life hard at Mereenie? We cannot count on them coming back with a higher offer, but it's always a possibility as they are more than a little bit pregnant in these gas fields and obviously see CTP as a key to success. We believe there are other suitors waiting in the wings for Macquarie to exit, the share price to tank allowing them a cheaper entry.

I make the following observations from the above

1) what then becomes of the company, Richard Cottee and the board and management?

I could not give a flying toss as to what happens to Mr Cottee and his band of merry men, this comment made by the CPSA seem to indicate that it is sympathetic to Mr Cottee and his band of rejuvenated merry men

2) What will Macquarie's attitude be to CTP going forward

MQG does not give a toss about shareholders, this is evident by the pathetic low ball offer but agree that this is a question that needs to be looked into further, MQG would have its plans and MQG have the shill sets and resources to make life at central very difficult if they do not get their own way.

3) We cannot count on them coming back with a higher offer, but it's always a possibility as they are more than a little bit pregnant in these gas fields and obviously see CTP as a key to success.

The probability that MQG place a revised offer is very unlikely, it may be more probable that MQG step into a hostile mode and with shares mpnow being accumulated by MQG, make the manipulation of the share price all the more easier to drive down the price back to concern Cottee penny dreadful levels.

4) We believe there are other suitors waiting in the wings for Macquarie to exit, the share price to tank allowing them a cheaper entry.

This comment made by CPSA seems to support our view that any no vote may be received with a declining share price to concerning levels and allow MQG o apmake a take over of the company by hostile manner at far cheaper options.
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Should MQG plan to present us a low ball offer on their understanding that the offer would be rejected and thus the hostile approach initiated, would this be viewed by the ASIC as being legal and morally OK.

It would seem that your MD who supports this slap in the face offer has sucker punched his shareholders in having to offer this slap in the face offer.

I have been requesting for Mr. Cottee to step aside for many years, unfortunately it always takes a significant event to wake other people up to those facts as well, what a shame we have allowed ourselves to be placed in this position.