2 Inches Away from Adminitration but on the Way
That is how close we were for our company being shut down and sold off likely to Mac.
We were 2 inches away from Mac putting us into administration because the directors failed to refinance and pay off the huge final ballon payment due in Sept. No reputable finance company wants to refinance our debt. Mac had our directors by the balls and the deal extension must have been on brutal terms to the shareholders of CTP which terms are being withheld by Directors simply using a confidentiality clause.
Admin is the only way out for CTP under this Board which means Mac steals the company away from us for the debt owed to them by CTP and shareholders get NOTHING!
My bet is that they will/HAVE got away with it.
No ifs, no buts, Mac has won, end of story.
There is no doubt now that CT&P is on the skids and heading to administration.
The Board FAILED to refinance because of the poor health of company and the Banks are worried CT&P will not be able to pay off its debts.
This is more than an alarm going off....it’s a nuclear event to demonstrate Mac will have us in Receivership very soon and they will scoop up our assets a lot cheaper than any takeover.
Get out of CT&P before it’s too late!
Ctp refinanced for another year. And all things going well, might get another refinance next year. Wait until the next quarter result comes out. Ctp will bank more and more money, and reduce the loan. Maq bank are happy to make more interest payments out of ctp
Your a pigeon, nothing you say comes right. Now fuck off
Hi Truth4ume, Didn't we have someone with $100 USA million dollars ready to step in and take us all to the land of promises by changing the whole BOD's.?
Weren't they your friends.??
And to think that with $100USA million dollars we could have easily paid out Mac Bank in full and still have tens and tens of mullions of dollars to do some drillings without the help of STO. $100 USA million dollars amounts to approximately $150 AUD million dollars.
Yep....plenty of BS around them thar hills. That's for sure.
""(#Mac will have us in Receivership very soon and they will scoop up our assets a lot cheaper than any takeover.#)""
Could this be the next Nexus story unfolding.??
Dear oh me what a hard pill to take that it was for me and many other shareholders.
And guess what.....did the Directors suffered the same fate as we did.??
Sorry to tell you adds04 but IMO it appears that all CTP is doing, is to keep MAC Bank off their back (TEMPORARILY) while paying big interests, and themselves into a cushy and well paid job.
As for the shareholders, well mate I am sorry to tell you that there no room left in that through for us to put our mouth in.