Ramamba. The OLD IMA is NOT a saleable asset. The contract is...

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Dumas

175 Posts.

22/11/17

16:14

Post #: 29027579
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Originally posted by Dumas ↑

Ra mamba

The current IMA ( or OLD IMA ) was signed in June 16 when CTN sold its funds management business - CAML - to a "Poutakidis" SPV. He was the only shareholder and Director He delivered that vehicle to CGA in August 16 for no charge - but gained an advisory fee of $250k. CGA met the cost of his purchase by repaying the loans made to him by Pelican Point to fund that purchase ( all in CGA Prospectus Aug 16 )

The CTN Board at the time was Kerr, Stevens, Ferres, Fowles and Drummond ( a Senior Manager at CGA ). All now gone. The three who caused OC Funds to be appointed - at the EGM in March. Kerr went 7 days before the announcement by George Boubouras of his assignment of IMA to NAOS. A coincidence?
Drummond resigned on the actual announcement.

In the meantime, ex Pitcher Partners, partner Fitzpatrick had been appointed.

Two NAOS Directors were appointed on the day Drummond resigned

So the Directors involved in allowing NAOS to be appointed, were presumably Carroll, Poutakidis, and Fitzpatrick. And also, in allowing NAOS to begin the change to the new IMA conditions - BEFORE it can be approved by shareholders next Tuesday. One assumes NAOS appointees would not be involved in either of these decisions? Too bad if the NO vote gets up, and all that change has to be undone
It is all there in the records. DYOR as well

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Ramamba. The OLD IMA is NOT a saleable asset. The contract is one issued by the company with certain rights of removal. CGA could recommend that they were not capable of delivering the contract ( which they publicly announced ). They could suggest a possible new Manager

Rather than the Board saying "Thank You". We will do our own research to select and appoint new manager(s). Instead, they were "innocents abroad" in a tough poker school - they let the failed manager, CGA - make some needed cash in anointing , NAOS.

They missed the critical section on corporate governance at AICD' courses!

DYOR

CTN Price at posting: 92.0¢ Sentiment: Hold Disclosure: Held
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