Change of board

I suspect, that given the risible offer from Mac Bank today that someone has already started to put an alternate board together.

Perfectly understandable.

Those people may need to think very carefully about that course of action as it may trigger certain terms and conditions in the employment agreements with employees and executive officers of CTP requiring payment in the event of certain matters occurring.

I am not in possession of any specific information other than what has been divulged during the "reign of terror" by RC.

So a careful perusal of those documents may create a moment of pause and different tactics to be discussed rather than a simple knee jerk reaction.

If that is correct and payments have to be made in certain circumstances, then it may well leave CTP without any money in the bank.

If we use the $5 Mil mentioned today in the offer, then a similar amount is not unrealistic.

No doubt if the shareholders meeting votes MB offer down, the share price will drop back to lets say 12 cents within a very short period of time.

Also when does the $85 Mil have to be repaid to MacBank?

Maybe all MB has to do if the offer is rejected at a shareholders meeting is to call in the loan and effectively MacBank will have taken all of CTP for its loan amount.

The real issue to my is this.

"Why didn't RC speak openly with shareholders and inform them of the real state of play with the company, I understood from material supplied and comments publicly made that all we had to do was wait patiently for the GSA to be signed in about 12 months or so and we would then be able to borrow against the $50 mil or so profit per anmum.

Also what about the defence mechanisms that RC indicated he has in place to thwart any take over offer?

A great deal about this situation needs close examination.


CB