Fellow shareholders, some of you may have followed my recent...

Fellow shareholders, some of you may have followed my recent communications with ctn. In summary a few weeks ago I asked the company several questions (see Post #: 4943930) including a q re winding up the company. They responded (see response from our leader David, Post #: 4946283) however I considered the response did not adequately address the potential for shareholder interests being advanced by the winding up proposition. I sent a follow up query (refer Post #: 4973668) since and I have not had a reply in over two weeks.

I propose to send the following email to him & I am looking for YOUR feedback.

I intend include relevant feedback in the text below ?. So let me know your thoughts on this issue ? would love to include a sentiment along the lines ?I have shared my thoughts with several other shareholders and they are in full agreement with this position.?


Hi David
As you may recall I sent you an email in January and following your response of 15/1/10 followed up requesting your position regarding the prospect of selling up the assets of the company and returning the proceeds to shareholders. I have not had a response to this query as yet.

I am sure you are aware that since initially raising this issue the unfortunate deterioration in the share price (which I presume is greater in percentage terms than the deterioration of the NTA) means that an even greater return is available in the event of winding up the company. This must now be approaching 50% based on your latest NTA and I consider requires immediate attention.

I have not received your response as yet however I now consider that a strategy should be initiated immediately to announce that you WILL wind up the company if the discount to NTA is not closed.

In fact I consider that if the company was to announce such a strategy it would have an immediate impact on the share price as it would represent a prospective attractive gain to shareholders. (I can assure you I would be loading up on the shares if you are to treat this proposal positively.)

I have shared my thoughts with several other shareholders and they [INSERT FOLLOWING FEEDBACK TO THIS POST]

For your info I have drafted an announcement that could be made to the market asap.

Dear Shareholders
First to those of you that have followed the company over the several years since listing I thank you for your loyal support. It is on behalf of you that I have recently put a recommendation to your Board that:

?If the share price of CTN does not trade above 95 % of the previous months announced NTA (after tax) for a period of more than 5 consecutive days at any time in the future the necessary actions will be put in place to ensure that that the assets are in an orderly and logical manner as determined sold and the proceeds returned to shareholders in the form of a capital return (or in some other manner if subsequent investigations reveal a more advantageous outcome to shareholders.)?

I have concluded that this action is necessary to ensure that returns are maximised to you, our loyal shareholders.
Yours etc.

I look forward to your response on this issue.
Regards Graeme