Administrators Will Suspend Us and Sell Our Assets about to Happen....F
This is effectively the end of CT&P and the Board and Cottee F this company to the point no Bank will refinance us!
Next step is Mac to put us into administration and the company will be suspended and All our assets sold or given to Mac who have a lien on everything they wanted.
The Board of CT&P are effectively finished running the company as it’s already dead and buried and intend to suck from the shareholders every last dollar they can before the administrators move in!
Likely our directors will put us into voluntary administration after consulting with Mac on the debts.
Poor outcome for the long suffering shareholders of this Company thanks to former Chairman, CTPSA, Cottee, and Little Leon of course whose neck the axe will fall as a result of CTP being placed into administration ... yikes
Shares hit 12c today which is 2.4c pre consolidation ...a new record low share price!
Your like a broken record
You have to feel for not only the shareholders who are about to lose what is left of their investment but also John Heugh who floated this company and all the hard yards he put in to get it listed.
I put its destruction down to Cottee, Old Chairman, CTPSA, and Liitle Leon as the main contributors although other current directors involved ie the minions of Cottee.
Only Mac wins!
Even though Cottee tries to hide out in the motherland he is not as free as he thinks. Poor dumb basta@d. He is old and decrepit now and never had any vision except to line his own pockets.
Effectively our share price says it all and we are very close now to administration for a lot of reasons...right Little Leon mate?
Must be hard to watch cottee leave, ctp with a gas business. What did john leave ctp holders. Exploration ground. Wow
John Heugh left after discovering oil and coal tenements, adds.
And Surprise was not drilled properly or the field exploration completed properly, even though money was raised to do the extra drilling.
Between the old BOD/Chairman and agendas at the time, (who knows who was up who ), ..... giving the company independence to Santos and Macquarie Bank with Cottee's good wishes, and employees a lot seeming to have worked together elsewhere, seems criminal what has happened to share holders since then.
Before Cottee, CTP was for the share holders, not the Gorillas, .... that Cottee pretended to have disdain for.
It’s all too late now for anyone to take us over. The directors failed to pay to Mac the balance of the loan this year as no one would refinance the loan. Therefore Mac can put the Company into administration in order that it collects it debt from CT&P. The extension by Mac came with an agreement with even more aggressive terms which if CT&P could not refinance to date then it is even more impossible now. These further aggressive terms were not of course disclosed to shareholders of CT&P.
What this all means is Mac got us. It’s game set and match.
Mac previously tried to take us over with an offer but failed. This time the directors failed to pay off the large loan due this year to Mac which Mac can collect legally by placing the company into admin and collect all the fields and ground it has a lien on which is about everything and they have an agreement with CT&P which allows them the right to take the assets with no compensation to CT&P shareholders.
This so called extension by Mac gave them a lien over everything else they didn’t previously have a lien over. They got the whole company for free using the loans all covered by liens.
It’s over for CT&P shareholders and it’s our directors fault (All Current directors and some from past)!
It’s all over red rover boys and girls....
Fair enough. T4ME I don't keep track of this sad drama anymore. Just another disgusting blot on ASIC's calendar of inactivity. What can you say. We have an exchange - that would be very comfortable in the Philippines or Indonesia. Very third world.
Should be pasted on every ASIC employee resume.