CTP

0.00%

5.4¢ central petroleum limited

Moving Target CTP, page-22

First 22 Last

Share
Profile

Follow
aabbaadd

357 Posts.

24

14/02/18

13:40

Post #: 31049635
Share
Originally posted by brucesterfer ↑

Can you point to me where on the balance sheet this has been recorded? I can't find it in the 2017 Annual report; I'd expect this to be in note 17?

http://centralpetroleum.com.au/wp-content/uploads/2017/11/2017-Annual-Report-FINAL.pdf

I also found the relevant text in court documents which summarises the issue from QLD court. Seems pretty clear cut to me?

"Geoscience claims that it is entitled to commission, by way of a success fee, for introducing Total to Central, on the basis of a further agreement it contends was made with Central on 26 February 2012 (the 2012 agreement). Central denies that it entered into the 2012 agreement. There is a factual dispute as to whether an employee of Central, Mr Trevor Shortt, signed the 2012 agreement. Mr Shortt says he did not. The representative of Geoscience, Mr Niraj Pande, and his assistant, Mr William McGinnis, says he did. No signed copy of the alleged agreement has been produced. Central says, even if it be found that Mr Shortt did sign the agreement, which he denies, he did not have actual or ostensible authority to bind Central to the 2012 agreement. Central also relies upon the 2011 agreement, which provided that Central had no liability to pay any commission to Geoscience (cl 12) and under which Geoscience released and discharged Central in relation to any claim that Geoscience may make for payment of a commission (cl 26)."

Source: https://archive.sclqld.org.au/qjudgment/2017/QSC17-223.pdf

Looks like CTP has gone to QLD court to seek relief that texan courts don't have jurisiction over CTP activities (which is fair enough to me?). GRR sound like they're relying on the lenience of local texan courts, which often seem to favour local companies in awarding damages (refer the number of IP and patent cases from patent trolls that are exercised through these courts).

Expand

2016 annual report has a written reference to the matter at p72. 2017 annual report written reference is p68. Scheme booklet written reference p88. No specific amount is identified. Exiting Chairman has referred to the matter verbally and i believe AU$ 20 million was identified. Clarification of the precise recorded amount identified by CTP may, perhaps, be obtained by a CTP website enquiry.
CTP Price at posting: 8.6¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Optimising your equity market strategy: Tips for investors

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

There are more pages in this discussion • 81 more messages in this thread...

First 22 Last

Add CTP (ASX) to my watchlist

(20min delay)
Last 5.4¢		Change 0.000(0.00%)		Mkt cap ! $37.74M

Open	High	Low	Value	Volume
5.5¢	5.5¢	5.4¢	$39.37K	724.3K

Buyers (Bids)

No.	Vol.	Price($)
4	350638	5.3¢

Sellers (Offers)

Price($)	Vol.	No.
5.4¢	214525	2

View Market Depth

No.	Vol.	Price($)
1	55500	0.135
9	1167237	0.130
8	593133	0.125
19	902443	0.120
1	86000	0.115

Price($)	Vol.	No.
0.140	787079	9
0.145	1062465	10
0.150	344400	6
0.160	125481	8
0.165	497623	5

Last trade - 11.47am 25/11/2024 (20 minute delay)

CTP (ASX) Chart

Moving Target CTP, page-22

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Optimising your equity market strategy: Tips for investors

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Moving Target CTP, page-22

Top Stories

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Optimising your equity market strategy: Tips for investors

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News