This is what the Board should have done ! It is simply amazing...

This is what the Board should have done !

It is simply amazing that the incumbent board did not demonstrate a shareholder focused attitude.


It is accepted that the BOD had a legal duty to put the risible MB offer to the shareholders, simply due to the fact that it was an offer that had been lawfully made by MB and was better than the share price prior to the offer.


HOWEVER , what the BOD did not have to do is to

• Sign a contract that contains the $2 mil requiring CTP to pay for the costs of the vote.

• Allow a clause in the deed that prevented CTP from raising as a defence ( or cause of action) that any money paid to MB had been done so unlawfully

What the BOD should have done is

• Gone to the shareholders and said.

“Here is the offer, BUT we don’t recommend it, we believe that because we are at a pivotal point in the company that we can achieve a better outcome for shareholders.


I have serious doubts that MB would have proceeded with the offer to CTP.


Why would they?

The shareholder sentiment is clearly anti MB and the 20 cent + CVN offer and they would know how unlikely the offer had of getting up without BOD support.

It is interesting to speculate what MB would have done if the BOD had done as suggested above.

The mind boggles.

CB