Macquarie Group's Central Petroleum bid runs into trouble Read more: http://www.copyright link/business/en, page-6

Cottee is obliged under contract to promote the Scheme. He would have been better saying nothing and if it does fail he'll have no choice but to resign because he's so pessimistic and the company would be better off without him. How can he be confident of the takeover going through when there's been such a groundswell of opposition?
Macquarie needs more than 75% of votes at the meeting. Based on the top 20 the insto's (history dictates they vote with the board) don't appear to have enough shares to get it over the line alone. They'll need a massive number of smaller shareholders to vote for it. Can't see that happening in a million years!