The ANN has only just come out, do you mind if people read and look at it and seek legal advice.
At the very least I would have thought that they may have to seek Shareholder approval for this course of action.
I suspect that it is a tactic to marginalise CP. It is well known that he is after Coal.
How better to make him irrelevant to CTP than to start a seperate company only for Coal and let him go after that.
Just my opinion.
But what is certain, is that this board is desperate to stay in place.
Now no one could not say that this decison is not a decisions which fall within the category of fundamental or significant.'"
"What it means is that there is a need for compelling caution on the part of directors whose term of office is coming to an end not to make decisions which fall within the category of fundamental or significant.'"
Brian Keith Mcmaster As Administrator of Eznut Pty Ltd (Administrators Appointed) & Anor v Eznut Pty Ltd (Administrators Appointed) & Ors [2006] WASC 109 (16 June 2006)
And
Utilicorp NZ Inc v Power New Zealand Ltd (1997) 8 NZCLC 261,465,
CB
CTP Price at posting:
43.0¢ Sentiment: Hold Disclosure: Held
