Macquarie Group's Central Petroleum bid runs into trouble Read more: http://www.copyright link/business/en, page-2

Intersting part

"The shareholders, calling themselves OptionCo, are putting forward an alternative future for Central to remain as an independent company with a new board that would include Mr Howes, former minister in the Hawke and Keating governments Nick Bolkus and former BP senior executive Colin Goodall.

Macquarie declined to comment but some insiders cast doubt on the credibility of the rebel shareholder group's push. Central managing director Richard Cottee, who is on the board, described it as "an absolute waste of time and effort", pointing ouf the lack of alternative options for Central to raise the capital it needs to tap into the gas market opportunities.

"I'm very confident [the deal] will get through," Mr Cottee said. "But I'm a bit disappointed that if it doesn't get through, they've actually made the future a lot harder for the company."
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