Statement from CTP's largest shareholder, page-24

Dear Sir,

The New Direction Team have read your comments and as a consequence put you down (in the metaphorical but not literal sense) as a "Definite Maybe" or more accurately a "swinging voter"

Maybe you will vote in favor of the SOA, "maybe" you wont, and "maybe"  you will issue a s249D Notice.

Maybe you wont.

But at the end of the day, you only have 5% of votes.

Please keep buying Sir. Because you will need more than that amount to make any difference to the gigantic ground swell of discontent that the ordinary retail shareholders (Mum's and Dads) have against MB and their agents.

The retail shareholders (Mums and Dads) do not like being threatened.

Your 5% (approx) is only that! "5%" and may well cause the shareholders to have to endure the additional pain of you pursuing a course of action that is clearly articulated as being perverse

The shareholders clearly cannot stop you from taking advantage of the Corporations Act 2001 (Cth)

That is your lawful right.

It is however the lawful right of the shareholders to become galvanised and unified by such a  situation and attempt,and demonstrate their "odium" at that persons actions at what is colloquially known as "the ballot box".

Sir, your comments indicate that you have purchased the CTP shares surreptitiously (various entities) over the past few months so as not to alert the retail shareholders that one particular person has a  significant stake in CTP.

No doubt so as to eventually come out into the market place and make your presence felt, as you did recently.

You say you did that so as to to "put a squeeze" on Mac Bank to obtain a higher offer,

BUT now say , "I am voting for the scheme of arrangement".

So the logic of voting against the SOA so that you could in fact seek a higher price for your and every ones elses shares would appear to be unavailable to you, if you do in fact vote for the SOA and it is accepted by the shareholders.

That at the risk of repeating myself seems to be, at odds with the logic of your comment of seeking a higher return.

One wonders how are you assisted by the voting for the SOA, perhaps in a moment of jocular and unbridled levity you decided to give the readers a moment of light relief.

We will run with that for the moment.

I also note that most if not all of your shares have been purchased at approximately 20 cents per share.

And today that purchase price seems to be in the red at around 14.5 cents, according to my rough calculations I see that you have effectively lost approx 25% of your purchase price since March 2017.

So you say you have (on your own via corporate entities) paid approx $4 mil for shares that are today worth approx $3 Mil.

And your suggesting that the shareholders should adopt "your business plan" and vote any team you proffer onto the board of Central Petroleum Limited.

Mmmmmmmm.

Oh well, we will run with that for the moment and believe that you again decided on the spur of the moment to provide a further moment of jocular and unbridled levity simply to give the readers another moment of light relief.

But, then you say you are going to take the position of if, the SOA (we say "when") is voted down that you, will then move towards a campaign of continual harassment and use s.249D of the Corporations Act 2001 (Cth) to  try and wear down and control the shareholder democratic choice by issuing and reissuing s249D Notices.

All of which will cost the company a not insignificant amount of shareholder funds.

That may be you lawful right, also it may not!

Your admissions have been publicly noted.

It would appear Sir, that you  perhaps continue to shoot your self in the foot

But please feel free to shoot at any part of your body, we (the majority) will stand back with great interest and see how your aim is.

Perhaps in some moment of "un-cordinated muscular reflex" you may miss your foot and achieve a different result. (Accidentally of course as one hopes that you only hit your own foot)

But one thing I do know and I can say with a great deal of certainty, is that the current retail shareholders (Mum and Dads) will not just stand buy and allow you to dictate to them.

You are apparently a 5 % shareholder. Only 46% to go before you are in total control.

Sir, please keep buying shares!

This battle will crystallise itself on the 29th June, you will then have your opportunity to  round up your team and present to the shareholders.

But again as I observe, and assume you do in fact manage with your 5% ( And MB 10 %) to actually try and get the rest of the shareholders to vote in support of your "Team" and obtain control of the board  of CTP.

What then?.

Perhaps a chat with MB about raising their offer so you and all other shareholders get a higher price ?

Or perhaps you (and your new board) will simply put the company into administration as has been suggested.

I ask one simple question so that all shareholders may know and understand your position(the question is rhetorical)

Will Mr Cottee be on your new board?

There is ONE very important matter that you appear to fail to take into account Sir.

And that is that time and the shareholders are marching on. Tick tock, Tick tock.

And "that same time" is marching on for all parties.

Particularly Mr Cottee and MacQuarie Bank.

There is an old saying in business that should never be forgotten named "Opportunity lost" .

Mr Cottee has publicly stated that he is "Very scared" that CTP will miss the opportunity to take advantage of the current gas shortage.

The "New Direction Team" agree  that, that fear is justified for a variety of reasons.

Not the least of wich s that the current board has recommended the Mac Bank offer.

Hence the urgent need to change the current board of directors.

But Mr Cottee (and MB) seems to fail to remember one very important fact, and that it is the shareholders who own the company and it will be the shareholders that will make any decision that they consider in their own best interests.  

Not some Banking firm!

At the moment the shareholders are significantly under water, some by 80 % and they are being treated in a manner that would disgust  any reasonable person.

Sir, you will do as you wish, that is a matter for yourself, it is a matter for the shareholders to determine how best to foil your obvious plans.

No Sir, you and the likes of you will NOT succeed in cowering the shareholders of CTP.

This is Australia and we the shareholders are Australian, we have a legacy of standing up for ourselves against people that do not act in our interests.

We the silent majority will soon voice our opinion, that will be loud, and it will be proud.

The New Direction Team call upon all shareholders at this crucial time to stand united and work as one team in the turbulent days ahead and defeat the common threat!


Web: http://newdirectionctp.com/

E: [email protected]

Best wishes to one and all and may we over come.

Camdenbob