Why are people voting against CTP?, page-11

Another reason another bidder hasn't fronted up is the exclusivity requirements (No-shop, No-talk, No due diligence) included in the Scheme Deed that was signed by our lovely Chairman on 10 March.

For another bidder to participate, they would have to come in by themselves, they won't be allowed into the CTP dataroom and cannot do any due diligence. Not only that, but if they make an offer CTP are required to tell Macquarie, who only need match the offer and they still retain the boards endorsement.

So unless a company seriously looked to purchase CTP previously (and as far as we know none did), then making an offer now is fraught with risk and probably will be matched by Macquarie anyway.

Instead of our board presenting us with a buyout that we could assess and determine ourselves if it was ok, they decided to make the decision for us. This was further accentuated by not giving any clue as to what would happen if the Scheme failed, other than assuring us the share price would most likely fall.

In Nov 2015 the board assessed that the shares were worth 19 cents. This was when the Oil price was less than $40 and there was no certainty for the NGP/NEGI.

Now here we are, 18 months later, with the NGP under construction, new GSA's being signed, the company is cash flow positive for the first time ever, and the East Coast Gas prices are going crazy.

But including a takeover premium, the board now advises the company is worth only 20 cents + a CVN which may be worth less than 2 cents in 2 years time. I'm sorry, but we have either been lied to, or this whole thing stinks!