I've got no problem with that. I came in a few years ago . Remember, they raised the money via a convertible note issue. The idea was you make a bigger LIC with $30m to kickstart it from $30m, than from $0. This $30m has to be paid back in a few years, so CTN will be taking the money back from OC or CGA to repay the bond holders (CTNG)
The reasoning was that they said the fund manager woudl be worth more if they managed more money. This was CGA, formerly known as CAML< whcih they bought and said its better to be internalised, but then a couple of years later said its better to be externalised
I think the board dropped the ball and should be fired for that. They sols CGA for $13m, it raised $4m and came on straight away at over $60m. Then they raised more money into CTN if I recall, then a few other things (I'd have to go over old posts to recall) but they just kept doing things that seemed to benefit the fund manager and broker, not them.
To be frank, I don't care for them much at all. But in this instance, these 2 showboaters offer nothing, and the chairman should do what he is very well paid for
CTN Price at posting:
$1.00 Sentiment: None Disclosure: Held
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