palmer weighs into the fight

Things are getting interesting; CP is now going to make a move on CTP, by seeking to have some one on the board and is opposing Cottee.

Dear Mr Askin, looks like you have brought a storm upon your heads, best resign now and go with grace, you have no hope of surviving any ballot

No doubt CP will seek an injunction from a Supreme Court and have all meetings consolidated and no doubt will have declarations made in regards to the resolutions, and other misleading and deceptive matters in the statements.

These final meetings will not take place in my opinion until late July or early August 2012.

Mr Palmer and Mr Cottee, Talk gents, talk, come to a negotiated outcome and let’s move on.

CB



CB


BILLIONAIRE Clive Palmer will oppose the appointment of fellow Queensland businessman Richard Cottee to the top job and board of explorer Central Petroleum when shareholders vote next month.

Mr Palmer, who says he is Central's biggest shareholder after on-market purchases this year of a stake of almost 5 per cent through Petroleum Nominees, will support the reinstatement of founder John Heugh as managing director and has flagged a desire for board representation.

The small explorer has been in the spotlight since the dismissal of Mr Heugh, which the former managing director is challenging in court, a coming vote on a board spill pushed by Mr Heugh's supporters, interest in farm-ins from bigger companies and legal action by Mr Palmer to stop an $11 million equity raising.

The appointment of Mr Cottee, who successfully built QGC but clashed with the board when he was running Nexus Energy, has added to the interest.


"Petroleum Nominees is not happy with the current directors of Central Petroleum (except for Mr John Heugh), nor are we happy with the direction in which the company is proposed to be taken," Mr Palmer said.

"The sacking of the founder of the company, Mr John Heugh, as chief executive is not in the best interests of the company. It is a wrong that we seek to have put right."

Mr Cottee was appointed managing director of Central Petroleum last week, conditional on shareholder approval at the coming extraordinary meeting.

At the June 22 meeting to be held in Perth, Mr Palmer plans to vote against Mr Cottee's replacement of Mr Heugh and for the removal of the other directors.

Mr Palmer's emailed comments did not say he would press for a board seat, but they did point to Petroleum Nominees' lack of board representation.

Mr Heugh is challenging in court the decision to remove him as managing director, a decision Central chairman Henry Askin has said was expected to make it easier for Central to get a farm-in partner for its central Australian onshore exploration ground.

Its main asset is onshore oil and gas ground in the Northern Territory's Amadeus Basin. According to Central's notice of meeting, Mr Heugh was dismissed after failing to comply with a board instruction and trying to enlist Tevor Shortt, the company's exploration manager, to assist in the refusal.

The decision was that Mr Shortt and two non-executive directors, not Mr Heugh, would seek to bring in partners.

The notice of meeting also says Mr Heugh spent $C15,000 ($15,000) of company funds on private detectives to investigate Mr Shortt. .

Mr Palmer was discussing a farm-in deal and equity placement with Central before the board chose an institutional raising with Patersons Securities.

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