A little Summary...IMHOWhat probably precipitated this motion...

A little Summary...IMHO

What probably precipitated this motion amongst many other failings of the Board and the management was a secured loan for $2.1m to the major shareholder which was due this month....meaning he could take over the assets of the company if the company could not repay it.

Also the company had an extension until 31st January to hold an AGM but did not and did not explain why.

Company has been in voluntary suspension since June 2018 due to the company not being able to repay a Convertible note for $2.5m to Squadron Resources. Despite warnings from the auditor and an ASX query in March 2018 into the company's financial position, CTL never once indicated they were in financial difficulty in fact the opposite...see video clip on their website.

Also since suspension( 8 months) we have only 2 Directors not the minimum of 3 required and one is the CEO and the other represents the interests of the major shareholder therefore NO independent Directors,also not allowed. When there is less than 3also the company is only supposed to act in exceptional circumstances

Since going into suspension they have been continually losing money and now accumulating more secured notes to employees as well as the major shareholder. What is important here is that these notes are at a discounted price of .35cents which is ONE TENTH of the Squadron price and nearly ONE THIRD of the share price. Shareholders know nothing about the terms or ownership of these SECURED notes...in other words we do not know who is capable of taking over the assets of this company at any time!!

Many shareholders feel that the company is losing money due to poor financial management and this can seen in their high corporate and admin costs and staff costs and also in the excessive spending that proceeded the inability to repay the notes. Also shareholders with a mining background feel that the company has been negligent in their mining approach and  practices.

The company has wasted a considerable amount of money mining Union Hill and if you consider that it was previously owned by Octaganol Resources when it was a public company, and our major shareholder was Chairman and our other Board Director was CEO, you would think that they would have advised against it. Octaganol Resources is now a private company owned by our major shareholder.

As shareholders we have also constantly complained about lack of updates and transparency.