Note for CTP Directors
""#Directors must exercise their powers and discharge their duties in good faith in the best interests of the company as a whole.#""
If that was the case and if everyone found guilty of that were to be sent to jail, there would 't be enough jails in Australia to put them all in.
That could very well be the reason that no one is ending up in there even though, after the Royal Commission and some of it's recommendations, nothing has happened.
How many of them ended up going to jail let alone being dragged in front of the Courts.?
How many of them have been ordered to pay back.??
""#Financial benefits to related parties of public companies (interesting about the children of directors):
For a public company, or an entity controlled by a public company, to give a financial benefit to a related party of the public company:
■ the public company or controlled entity must obtain the approval of the public company’s members and give the benefit within 15 months after approval; or#""
Have you or anyone else being asked to approve and/or to vote for that nepotism factor.??
""#Payment for loss or retirement from office:
A company (and its associates) must not give anyone a benefit in connection with a person’s retirement or resignation from, or loss of, an office or position of employment in the company or a related company if:
■ the office or position is a managerial or executive office; or
■ the retiree has held a managerial or executive office in the company or a related company in the
previous three years,#""
Dear oh. It is all so true but who is the Policeman "COP" to patrol these rules and that they are fully complied with.??
Too hard, too costly and very very hard to get anywhere.
And don't forget that these people are using shareholders money to pay for Lawyers too, not their own. And then they have some Insurance company to pay and protect them because the Insurance would have had to fork out the big money.
We all know how hard it is to get money out of Insurance Companies too, don't we.??
Have a look at where MPO is at today with it's directors and what they did, and then come back to me.
One thing is clear there, and that they are not going for the Directors but hoping to get the money out of their past Directors Insurance which, once again, it was paid with shareholders money..............................not one single cent out of their pockets.
I am a holder of MPO...............Should I start crying.???
""#Where does the act of wanting to sell out share holders via an SoA, and retain one's employment with the one wanting to Take over sit in the scheme of things ?#""
Can you please do me a favour Rawali, and ask ASIC and the ASX and see what they will tell you.
I would be very interested to find out because I have never had any success with them.
I remember once bringing a very important issue to the ASX and having to supply a long list of proofs to support my case. Then it went on and on for five or six months without getting anywhere even though I was talking to someone supposedly being one of their Lawyers. I got sick of it all and then I started to put some pressure on them.
After a total of at least 6 months, or more, I then got a reply telling me that the matter didn't fall within their jurisdictions and that it was a matter for ASIC.
Now tell me, why didn't they tell me that from the beginning instead of wasting time.??
Was it all in the hope that I would simply go away.??
One thing is clear there.............they simply applied the Pontius Pilate rules on me.
Buyer Beware...when buying or owning spec companies like CTP usually the buyer does no due diligence. Broker reports on specs usually can find the broker has an interest to promote it and will get out on a run and put their clients into something else. CTP has been manipulated by directors to personally gain way too long and made so many glaring misdeeds that they exist by a thread and anything can topple them eg deceptive director behavior, agreements out of desperation with lenders of last resort with terms we are not aware of that gives creditors rights to put us into receivership for a number of reasons to get back their money and much more (weasel clauses), directors suddenly leaving without reasons, investigations going on and others pulling the strings of current directors. CTP was wrecked by the directors since JH was pushed out. It cannot be not trusted to be run in the best interests of its shareholders and clearly the last TO showed that to everyone and they are still hiding many things including assets from its shareholders so they can organize another cheap takeover in their best interests....
A director knows he has his neck on the chopping block just by being a director of a publicly listed company and must be very careful with all his responsibilities. Imagine if you were involved in any deception or aware of it on the board of a public listed company and did nothing to correct it? An aggrieved shareholder(s) can easily make the directors accountable via the courts etc and the media open up a can of worms that could have significant repercussions for the perpetrators or those in the know who did nothing to stop them. There are many significant reasons to sue many of the directors post JH and recoup monies to the company and answer to crimes but one of the worst deceptions was clearly the TO and by those involved. I would be significantly concerned today if I was a director of CTP and especially so if I was involved in any of the misdeeds of Mr No Comment and those who supported him....
""#An aggrieved shareholder(s) can easily make the directors accountable via the courts etc #""
You're joking right.?
Tell me a case... JUST ONE, where a shareholder has managed to get a director into a Court and I will believe you.
And to make matters worse, the shareholder, (if successful which is an impossibility), will not have to fight the matter in Court with the Director, but with the Insurance company which has been paid with shareholders money to cover his arse when he does wrong.
So, they are using shareholders money to cover them for possibly doing wrong things against their shareholders while walking away with their pockets full of money. IF THAT IS NOT A JOKE I DON'T KNOW WHAT IT IS..
""#A number of unhappy directors already left CTP during the reign of Mr No Comment and just recently after his resignation...Insurance doesn’t work in cases of deception etc for directors...#""
Perhaps you should do some better and proper research mate before saying what you are.
Tell me then as to why, especially with what the past Directors of MPO did to the company and it's shareholders, the present BOD's and their Lawyers are going after the Insurance company which covers them and not the culprits Directors.??
What they did is beyond beliefs and no doubt much worse than what happened in CTP but............