On Friday 20 March CTP announced a second offer of 20 cents per share plus a further 19 cents in 4 years time if certain events occur to buy 100% of the companies shares by way a SOA, such as MacBank (Bidcon) proving up certain resources within that time.
Shareholders who have supported CTP for over 8 to 10 years will effectively receive 20 cents per share when only 3 years before the share price was 50 cents.
Since Mr Richard Cottee was appointed to the board the company has been significantly derisked and is now cash flow positive.
Shareholders are rallying around the Central Petroleum Shareholders Association to unify into a solid voting block against the offer.
