Macquaries 2016 SOA confidence about future value of energy has...

Macquaries 2016 SOA confidence about future value of energy has been vindicated by subsequent continuing gas prices and east coast gas supply
dynamics. Chronic undervaluing CTP shares and its open share register was, and remains, open invitation to corporate raiders looking for value steals. Macquaries intention to replace Board introducing clear vision, energy, organisational purpose, momentum, planning, productive execution
would have delivered timely, cost efficient, substantial financial rewards. Loans to CTP do not yield intensity of income Macquarie is known for. Macquarie continued to have some direct ownership in CTP to protect its loans and give capacity to quickly increase holding blocking any low-ball market raids. CTPs current substantial recurring NGP disposable income applied to repaying loans eliminates loans risk. Continued Macquarie ownership of Mereenie exposes it to liability for 2017 SOA document estimated $80 million cost of well rehabilitation at fields life end. Macquarie may want to sell its Mereenie stake. CTP is interested to own all Mereenie . CTP could buy Macquarie Mereenie through share issue - there would be no cash involved. Transaction would need to satisfy CEO criteria being " value accretive ". Transaction increasing CTP earnings per share is attractive giving greater total income financing first priority exploration near existing pipelines and treatment plant and second priority frontier prospects.