apologies if already posted. this is extract only Central...

apologies if already posted.
this is extract only

Central Petroleum mulls equity raising after fending off board spill attempt
Updated Jul 19 2017 at 3:20 PM

Central Petroleum has fended off a spirited attempt to spill the board, securing the ongoing leadership of chief executive Richard Cottee, who is now considering a rights issue to raise funds for drilling after shareholders blocked a proposed $87 million takeover by Macquarie Group last month.

Mr Cottee said his job now was to try to reunite the company and secure the funds needed for investment to ensure Central can make the most of the opportunity presented by the new $800 million pipeline to link the NT into the eastern states gas grid. He suggested an equity raising in the form of a rights issue was the most likely way forward.

"The publicity surrounding the Scheme [of arrangement with Macquarie] means that I am confident that the necessary equity financing can now be raised," Mr Cottee wrote in a letter to chairman Robert Hubbard.

Mr Cottee said in his letter that while he anticipated the board would retain the support of the majority of shareholders that the disgruntled groups clamouring for a new direction for Central "will continue beyond the vote using remuneration reports and irresponsible social media to destabilise the company in their quest for relevance".

Mr Hubbard told shareholders he believed the priority for Central should now be seeking equity capital to fund development of the Mereenie resource, continuing the policy debate around the reform of pipeline tariffs and developing a collaborative "go-to-market strategy" with joint venture partner, Macquarie.