What We Were Not Told By Directors!
IMO...likely example of what was discussed but not written down on the recent CTP Minutes of Directors Meeting:
1. We know Range is long-shot to get from 2C to 2P as we have a considerable way to go to prove any gas will flow from the coals which are thin and as yet we don’t know how continuous they are nor how gassy.
2. We should initiate a cap raising fast with brokers to raise money fast saying our strategy will be to do a long term Pilot production test at Range on a forward plan which requires further drilling and dewatering of coals over time to see how much if any gas flows in the future.
3. We should put a team on now dedicated to progress a company take over of CTP before we initiate any pilot plant work and before Dukas results are known.
4. However, we should as directors prepare to reward ourselves risk free as soon as possible with as many long term options as conceivable now because if we are not successful with a takeover then there will likely be no options for us to justify until Dukas results are in and then we will not get as many options granted to us after any success at Dukas resulting in a significant share price rise ie less options than we would get now.
5. We should immediately grant ourselves incentive options and do as large a capital raising on Range as possible in order to set us up to profit as much as possible should a takeover occur, and if not, should Dukas be successful.
6. The deal with any takeover company should be we keep the share price low enough to get them a good deal (like we did with the Mac TO) and in return we as directors be paid a large sum of money each from the upcoming capital raising for the Pilot plant that we will let the takeover company undertake if they want to and the shareholders will be none the wiser. We will also capitalize on a takeover offer that puts our options in the money ie a win win for us the directors.
7. To maximize our rewards as directors we must try to get the takeover to occur before Dukas results are known and before initiating any work concerning the Range Pilot Plant which leaves us with all the cash from the capital raising to take as our reward which should easily be with the blessing of the takeover company so they get what they want and we get what we want!
This is not much different than what they already tried to do in the past....
Beware these directors who are suppose to have fiduciary duties but scorn them like they do shareholders...
Share price not looking so good now.
The Board treats the shareholders with unprecedented contempt.
Soon all to be brought to other site as well...and really get things going
Please note: CONTINGENT RESOURCES are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.
Range is absolutely littered with contingencies and would better have been described as Prospective Resources as coals are thin and don’t know if continuous, only several wells drilled in sparse area, no degassing of cores, no dewatering of coals yet to see if any gas will even flow and on and on it goes...
For your note:
"""1.subject to chance.
"the contingent nature of the job"
chance · accidental · fortuitous · possible · unforeseen · unforeseeable
2) (contingent on/upon)
occurring or existing only if (certain circumstances) are the case; dependent on.
"his fees were contingent on the success of his search"
dependent · conditional · subject to · based on · determined by · hingeing """
PLENTY OF IFS THERE IMO.
Yes in a nut shell ...the other contingent possible things have to happen first before any 2C becomes 2P. Remember last hole in Mereenie we were told drilling alone will bring the 2C to 2P. That was a lie. It was contingent on a bunch of other things happening first...and guess what....it failed.
Range is just a bogus 2C report to get share price up and they used it to get themselves granted options and do a cap raise which monies will NEVER be spent on any BS Pilot plant study at Range. They will organize a TO of CTP before that happens and Dukas results. Shareholders will be tricked again by the badt’rds....wait for it...they already got their options...
""##wait for it...they already got their options..##"".
I can still remember something like this happening before with another company where the Directors, MD/CEO and everyone else got themselves many many millions of shares as rewards for finding something which proved to be baseless at a later stage and guess what, that company is now under receivership but not before some of them got their options exercised and possibly sold too.
Oh the fun of investing in the sharemarket with all the sharks swimming therein, is absolutely endless.
Those Director options may be in company names which can easily be sold with no one knowing unless they did a search at ASIC bus. 2032 options are longest I ever heard of to exercise so they have significant value already without being in the money currently. Really these guys are not going to tell you anything except minimal which prevents them from taking everything they can. 2 company sec’s is great for directors to have to tell them how to do it boarder line legal and get away with it...they are there also to protect the asses of directors. There is clearly no one at CTP today representing the shareholders. They are there just to line their pockets big time...
Hi Truth4ume, One of those Coy Sec's is a Legal Counsel too as far as I am aware of. So and IMHO, what you said could be well on the card.
They still have more lawyers, accountants and people with social science degrees in this company than explorationists and are only interested in keeping the current 70-95% dead fields going to pay their huge salaries. The shareholders will never see a cent in dividends or talk of it while these leeches are running the company. They FU the Total drilling and last well into Mereenie. Mr No Comment even employed family of his to rack in some of that cash flow. Doesn’t anyone find it even slightly unusual that the current board doesn’t even mention dividends at all? ....and the reason is? It’s not a hard one...
Anyone with any significant public company experience knows what is going on here and has seen it many times before by the unfortunately gazillion in it for themselves directors but these guys really exposed themselves like amateurs with last failed TO that was obviously designed for the directors gain....
""#you would think that out of ~8500 share holders, that there would be more questioning of the company and also directed to the authorities.#""
They have probably tried to go there and they might have realised that they were wasting their times and given the constant bureaucratic run around as they usually do.
As for the questioning of the company it just gets ALL to hard, I have seen people lose a load of money, then, all most lose there mind trying to get some answers.
What gets the punters mad is the whole time the directors/hanger ons are on top salary with ALL the perks that go with it, trust me, you would not believe some of the perks I have seen, and have been given.
""#trust me, you would not believe some of the perks I have seen, and have been given.#""
So true Pilot. And if you were in a good position as you are telling us, I wouldn't be surprised you would have been given some good perks.
One good perks and rewards "for doing or not doing something" which quickly comes to mind is the usual "CONSULTANT FEES" when there is no consultations at all taking place.