shareholder power at its best !!

While changes have been made at board level the problem is that the current board is still dominated by the Askin camp, (Askin, Dunmore, Whittle with the casting vote vesting in Mr Askin), in effect keeping control over the new directors.

Yesterday I did not see R Cottee come to the defense of the Askin led group and I got the distinct impression that that Richard Cottee was not a fan of Mr Askin, and in fact would not be sorry to see the removal of Askin, Dunmore, and Whittle.

He alluded to the fact that there will be changes to the board by Christmas.

The problem with that is that we will continue to have a dysfunctional board for the rest of the year and only start to make significant structural changes in 2013

In my opinion that is simply too long to wait, especially given the impetus that has been given to the share price by the addition of RC at board level.


Shareholder anger will not go away until those people are removed.

If they are not removed at the 19 July meeting , then they will have to stand for re-election at the next AGM in November, and if they survive that I can assure the board that we will be voting against the Remuneration report causing a spill to occur later on.

Lets us undertake a surgical removal of these three on the 19 July, remove them and lets get fresh blood in place, more damage will be caused by leaving them there than it will in removing them now.


I observe that BHP is down approx 25% for the year and CTP is up some 100 % since the rebels started this change movement.

We the shareholders have been encumbered with a moribund board for 6 years, in my opinion that is long enough

The timing is right to now make the final changes to the board and allow RC to bring on board the right talents and skills that will create shareholder wealth.

Shareholders wishes must be paramount

It is abundantly clear that the majority of shareholders did not want Messrs Askin, Dunmore, and Whittle, to remain as directors.

That much is indisputable by a close and mature evaluation of the votes cast on 22 June 2012.

If one removes the votes cast by the chairman in favour of himself and Dunmore and Whittle then it is crystal clear that the real independent voters wanted Mr Askin and Dunmore and Whittle removed.

One may form the view that a person should not vote for themselves and or sympathetic co directors by using the unallocated proxies (or any shareholding in the name of the director or a related entity)

Such a view has a degree of support by virtue of the Corporations Act 2001.

Notwithstanding the legal position one may question the reality of someone defending their removal by casting votes that they control.

Such votes can hardly be seen to be unbiased and independent.

On the basis of removing such votes from the count the following was the clear result. The independent owners of this company wanted Mr Askin and Dunmore and Whittle gone

Removal of Mr Askin

For 311,061,429

Against 350,245,928 deduct 205,666,918 (Cast by the chairman in favour of himself)

Balance
144,479,010
Cast in favour of removal 311,061,429 Cast against
removal 144,479,010

Removal of Mr Dunmore

For 312,376,506

Against 348,496,174 deduct 205,666,918 (Cast by the chairman in favour of Dunmore)

Balance 142,829,268
Cast in favour of removal 312,376,506 Cast against removal 142,829,268

Re-election of Mr Whittle

For 380,236,485
Against 380,236,485 deduct 195,470,515 (Cast by the chairman in favour of Whittle)

Balance 184,765,970

Cast against re appointment 238,536,021 Cast against re appointment 142,829,268

The figures were all resoundingly in favour of these people not being on the board of CTP.

Democracy and shareholder rights took a severe blow on the 22nd June 2012.

Please do not allow this to occur again. Please cast your vote and do NOT GIVE YOUR PROXY VOTE TO THE CHAIR !!

It is time (and the right time) to remove at least Askin and Dunmore.

It will allow the Cottee board to bring the right people to the table.

I can assure all that there are people of the highest reputation and skills who are ready willing and able to join CTP board.

Now is the time to make these changes and let 2012 be known as the year when Shareholders demonstrated to the market as a whole that it is they who own the company and will continue to demand the best board available to manage our money

Please do not be apathetic, do not be a fence sitter, it is your money, it is clear that the market is starting to see the benefits of R Cottee being at the helm.

A situation that I am very happy with. I am positive that Richard Cottee will do the best he can for shareholders.

I and a select group of others met with RC after the Sydney presentation yesterday (13 July) and I have to say my already positive impression of RC was confirmed after meeting with him over coffee.

I found him to be frank, forthright, motivated and concerned for the shareholders.

I have no concerns about his business ability and or the ability to attract money to the company. I welcome R Cottee with open arms and am certain that we will all do very well from him being in control.

However, it is also abundantly clear that control is something that Mr Askin has firm grip over within CTP. Askin, Dunmore, Whittle and the casting vote of the chair shows who is really in control.

I am concerned that this situation will simply be an extension of the Askin / Heugh problems we have already seen.

Such a situation is not in the best interests of the shareholders.

Stand up and be counted, vote for the removal of Askin, Dunmore and Whittle, if you don’t want to vote then please ABSTAIN.

DO NOT GIVE YOUR PROXY VOTE TO THE CHAIR !! you have already seen how it will be used.

If you want to keep them then vote that way. At least we will have you making the decision.

Please DO NOT vote for Clive Palmers people

How the rebels will be voting

Resolution No1 For
Resolution No2 For
Resolution No3 For
Resolution No4 Against
Resolution No5 For
Resolution No6 Against
Resolution No7 For
Resolution No8 Against
Resolution No9 For
Resolution No10 Not relevant (Resigned on 22 June 2012)

I wish you all well and let’s get the board we all deserve.

Kind regards

CB