conversion or default, page-43

If you reread the announcements around June last year, the company virtually blamed Squadron Resources for not extending the CN and Jamie Cullen had to resign but Squadron were not under any obligation to extend the note HOWEVER CTL had an obligation to make sure that they could PAY IT.

They FAILED in this obligation even though they were warned by the auditor and the ASX. This FAILURE should have resulted in immediate resignation of the CEO/Chairman, particularly in light of the $16m expenditure in the March and June quarter.

Also to replace a CN with a conversion price of 3.5c with one with a discounted conversion price of .35cents...ONE TENTH of the value and to the major shareholder who has a representative on the BOARD....why haven't Rogers and Grey resigned.

Flyboy reminded us of the Business Judgement Rule which is a directors defence against breaches of directors duties. There is no way in the world that this is a defence in this case as ignoring the warnings of the auditor and ASX and negligent spending and not paying a CN but then the major shareholder picking it up for ONE TENTH of the value is not entrepreneurial but negligence as well as every other breach there is. The expression "through the book at them" comes to mind. Buy why are they still directors?????

Why does Rogers still have a job and a large salary because he made himself CEO and Chairman and we don't have any independent directors and he does what he likes with no constraints.

This is a disgrace and every shareholders should go to ASIC and their Federal member