just a thought re: new directors, page-18

Lauzza
The board is doing bugger all to advance this company. If you believe their propaganda (and it is clear from your posts you do) then JH was the handbrake that was holding the company back, now all these majors were lining up to sign up to farmins and JVs. EPT was going to start in mid April and everything was moving forward. The legal matters with JH and the rebels had absolutely no impact on the operations of the company according to their own announcements to the market.

Now let's have a look just what the scorecard shows for the past month since the anchor known as JH was jettisoned on 26 March:

27/3. Announced they "recently implemented a new initiative to expedite and promote our farmin opportunities so as to spread risk and reduce expenditure, with encouraging results to date.". Just what that is and what the encouraging results are are anyone's guess. They also announced the Kintore bypass road was nearly completed.

28/3 Denied there was any requisition to replace them. Really?

28/3. Issued the dubious report from Pattos. All sizzle no sausage.

30/3. Trading Halt for Cap Raising

3/4. Announces it has received a purported requisition.

4/4. Announces it has placed 130M additional shares and raised $11M for additional working capital for further appraisal and/or drilling work on surprise. Strange, I thought that was the purpose of the previous $9.9M cap raising not even a month before.

5/5. Denies the requisition received is valid.

11/5 Trading Halt

11/5 Hires a media spiv (Ron Cameron, Mercury Consulting) to sell its snake oil.

11/5 Announces it intends to call an EGM to remove JH as a Director

13/3. Announces it received an injunction from JH

16/3. Announces that Hess is not the preferred farmin partner but it would consider all offers. Please.

17/3. Announces JH injunction dismissed

18/3. Askin releases his letter to shareholders which stated in part "Central is in excellent shape and proceeding well despite the distractions of the legal and corporate activities currently taking place. These distractions are being handled capably by Central’s legal and company secretarial teams with very minimal interference on Central’s normal exploration and development activities"

So there has been minimal interference with CTP's exploration and development activities according to Askin. One can only assume the glacial pace at which anything to do with the core business of CTP is occurring is part of the board's normal strategy.

Reading further into the letter, the EPT now going to start in May (it was April previously) the comments about the Kintore road don't sound as if it is nearly completed as announced previously

What I find particularly galling is they then mailed out this self serving pap to all SH at what cost?

19/4 Seismic contract awarded. Seismic to be completed in early August. Guess we won't be drilling anytime soon.

24/4 Requistion of Meeting

26/4 additional 2 directors appointed. Additional cost in directors fees, but hey, we can afford to splash some largesse around after 2 back to back cap raisings. It's not like we're actually spending money on exploration.

27/4. Announcement re intent to pursue separate listing of coal

There is a principle in pyschology which says the best predictor of future behavior is past performance, so based on the past month of announcements, I don't see a lot coming out of the brains trust of the
company to build value. Just a string of fluffy announcements to make the directors sound good.

What is their actual plan for exploring and drilling our other targets, bearing in mind the long lead times to procure rigs, wet season etc.

What is happening with the TSX listing? Is it still being pursued, or have we ditched that in favour of the new strategy of the day to separate the coal assets?

It seems to me the ONLY strategy they have is to try to save themselves and shaft JH. Feed us a string of announcements to give the impression they are getting things done. Apart from the daily spin cycle, it's business as usual: vague promises, cap raisings, dilution of shares and very little exploration. In the month since they turfed JH, How many JVs and farm-ins have been signed, given he was the impediment according to Pattos and the board?

As for your comments Lauzza, regarding speaking to people who only know what they read in announcements or the paper, that is hardly a ringing endorsement of the board. I have no doubt that the bulk of investors don't have a clue what is going on. Some buy a parcel of shares and whack it in the SMSF for a rainy day, some only look at charts, some have no idea and buy after reading a tip sheet and lock in a price target or stop loss. Your mates would have no idea of the counter arguments supporting a spill, so could hardly make an informed decision.