CTP Shareholders
I shall leave it to much better minute takers than I to provide more detail on the meeting but I thought it important to at this point to relay some key communication items that emerged during the meeting.
I think it would be fair to say that CTP are taking into account that a NO vote is a possibility.
At the meeting the CTP Chairman Robert Hubbard and the Managing Director Richard Cottee emphasised the following:
- The process that CTP have undertaken, whereby the board accepted the second Macquarie offer followed by a shareholder vote to either accept or reject the offer is a normal process for the shareholders to have a “Democratic” say in the outcome.
We were reminded that in the case of the first Macquarie offer, which was rejected by the board, the shareholders had no say as to whether it was accepted.
- The CTP team are currently proceeding with the normal business and that a NO vote will not affect this in any way.
CTP has already paid for disbursements in relation to expert reports lawyers printing Etc.
- Given various comments made at the last shareholders meeting I asked for clarity as to the present willingness of the CTP team to be prepared to remain after the Yes/NO vote.My understanding was that Richard Cottee in the strongest terms recommended that the time to vote on board changes was at the next AGM and that to proceed otherwise would not be in the best interests of the business.
He did mention that CTP are looking for another board member at this time.
- I gained the strong impression that the CT team were therefore available after the voting process to carry on with normal business.
I am simply reporting things as I perceived them and this post is not intended to express a viewpoint one way or the other.
In the event that other attendees at the meeting or the formal minutes indicated that the above summary was misleading, I would appreciate their comment or advice.
Best Wishes for CTP's Future
OGP
