Petroleum Sector.

In this huge pot stirring imbroglio, much has been made regarding the perceived destruction of value caused by the actions of the current board. The SP has indeed gone down very significantly, but even a cursory look at the sector performance shows that this cannot be tagged to any particular board inadequacy. If we look over the past 3 years, and take as a references 21 July 2014 and 26 June 2017, we see the following
Beach(BPT), $1.76 to $0.56, down 68%
Buru (BRU), $0.90 to $0.17, down 81%
Santos (STO), $12.32 to $2.97, down 76%
Origin (ORG), $12.48 to $6.85, down 45%
Central(CTP), $0.38 to $0.15, down 60%.
Even the semi major Woodside (WPL), $42.21 to $29.41, down 30%.
In this context, the Central result is rather better than some. Should the SoA be approved, we would see:
Central(CTP), $0.38 to $0.20, down 47%, a result which compares quite favourably with other industry players.
And yet in this case, whereas the others are allowed by shareholders to get on with their work, here we have quite virulent attacks on the board in general and the MD in particular. Looking at the comparisons above, this state of affairs can hardly be attributed to the SP performance taken in context of the industry as a whole.
It would seem from many posted comments that the so called destruction of value is being used as an excuse to reopen old grudges. But value is a relative thing, and takes no notice of whatever original investments may have been, value is simply whatever something is worth at a particular time. Visiting again the industry comparisons above and inspecting the relevant charts, it is clear that this decline does not show any signs of reversing in a hurry.
In this sense, and at this time, voting against the SoA represents the greatest destruction of value that one could imagine.
In my considered opinion.