No I don't see why their holding would have to go onto the market in the event of a no CTN vote. NAOS unit holders wouldn't have bought CGA shares, the fund managers did.
As for who is paying it, I would expect NAOS to do a placement to the central stockbroker to fund it. Again, NAOS have been better off dealing with CTN board in this, as would the CTN board.
But NAOS bought up to 13% of CGA right, so if CGA go under, then NAOS write off a pretty sizable investment. Better for them to send money to CGA and sell out of their position while they can, while it is still worth something.
Comes back to your question of which account is funding this, and isn't this protecting NAOS as much as CGA? Everyone seems conflicted, with CTN shareholders the afterthought
Is this the most ridiculous sentence ever written?, page-9
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