Ann: Successful Listing of TMC on the NASDAQ, page-11

This idea of a demerger is crazy and I'll be voting against it. The market has rightly disagreed and sold CDM down. I agree with MJS, this stinks of trying to lock in performance fees.

If I want to invest further in TMC, i can easily buy it myself, I don't need it in an illiquid LIC that will trade at a huge discount to NTA. It's Karl's job now to sensibly re-weight his portfolio over time, as he would do with any 'winners' he backs. The 180 day lockup just means this needs to be accounted for (some earlier disclosure of this would have been nice...) and he may not be able to begin re-weighting for 6 months (but possibly sooner if price gets to $12). These are the same trading conditions most pre-IPO investments would be under, nothing special here, nothing worthy of a spinoff to account for 6 months of illiquidity.