But the issue was never about finding a manager to outperform CGA. At June 30, a survey of 25 Micro managers showed CGA 2nd BOTTOM on that list- 14% behind the XSO, and 18% below the median manager. So beating CGA was no test, and still is! And CGA resigned saying " We are not good enough to deliver Micro performance" What a revelation!
Do not recall NAOS being on the list? But then they don't do micros. So they get control of a Micro fund, and decide that the 6000 shareholders don't realise they are wrong; they should have been in high Conviction Small Caps. Can they fix that! Easy!
The Board early this year did due diligence, and appointed OC Funds. For four months, they outperformed CGA by an average 2% a month. So then a new Board convinced OC to take their talents elsewhere - but are paying them fees with Shareholders cash for the next 5 years to go away !
So the failed CGA gets to assign their failed IMA ( presumably with the Board's blessing ), for multi millions - when they should have got nothing. After all it was always CTN's contract - not CGA's.
And now, we have Boards trying to push through on Tuesday - Resolutions that have needed amendments - with no material going to Shareholders. And millions have voted on now "incorrect" material
Why isn't the CTN Board being required to defer Tuesday, until a new Notice of Meeting and correct material is issued for an EGM with full amended material going to shareholders
DYOR
CTN Price at posting:
92.5¢ Sentiment: Hold Disclosure: Held
(20min delay)