Vote NO to all 8 Resolutions, page-2

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YodaObi

335 Posts.

31/10/17

09:36

Post #: 28339098
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Originally posted by Dumas ↑

Dear CTN Shareholder.

CTN shareholders need to defend THEIR investment ( in Micros ) by voting NO to ALL 8 Resolutions at the AGM on 28 Nov

The Board HAS NOT looked after YOUR interests in recent months, and when given the opportunity to do so in recent weeks, they have ABANDONED you in favour of others.

Your investment is now being treated as a giant ATM for the benefit of two fund managers, and others.

CGA admitted failure, sacked themselves and then tries to amass $12m for doing so -- their lead manager promptly "leaves" to pursue other activities ; and

NAOS who have put forward a devastatingly different proposed IMA to make huge withdrawals from your ATM for a MINIMUM of 15 YEARS, with NO ABILITY to vary it for any reason, even POOR performance, at ANY time;
NO ability to have a second Manager;
at a FEE OVER 40% HIGHER for some $200m FUM than a very successful performer was willing to charge on the $27m awarded after full DD to OC Funds Mgt - until your Board then moved them on by offering them the NEXT 5 years' fees from YOUR investment monies to " walk away" AND the compensation was that CGA got NO fees going forward on the $27m - ( just got lower performance );
That offset has now DISAPPEARED in the NEW IMA. BUT OC still have to be paid!

And you invested in MICROS to get exposure in successful small companies. NAOS seemed initially to offer a different but similar exposure - but the Resolution 8 materials suggest quite DIFFERENTLY - a FOCUS on stocks from $20m value UP TO $1 billion value. HARDLY SMALL caps.
Further, the MANAGER appears to have discretion to invest UP TO $60m ( WITHOUT reference to your Board ) into ANY SINGLE investment! AND, approval for larger investments CAN'T be withheld "unreasonably"

And if NAOS have their AFSL suspended, your Board CAN'T act to remove them for 30 days!

And Point 14. NAOS can move the IMA to another Mgr - NO control by YOUR Board - no doubt for a big fee for them

These few points from a first reading show how this ATM can generate TOTAL control and big REWARDS when Investors' interest are IGNORED. Other service providers, EG Brokers AND Advisers will get their share from the ATM, as CTN is grown from new shares issued at under NTA

Shareholders MUST act for their OWN interests!

Do NOT give your PROXY to the CHAIR, NOR to your Board, NOR to representatives of EITHER Fund Manager, NOR to your Adviser IF they earn placement fees from YOUR Company

Look after your own interests

Vote now. Don't be "seduced" by those with the Withdrawal card on the ATM.

Vote NO on ALL Resolutions to protect your pocket!

PS. And if you want a smile after reading this " horror "story". Then read Paras 3 and 4 on p2 of the Ann Report. The "strong performance" and " a resounding achievement" were once true.
But since CGA went solo 16 months ago, they were at least consistent They achieved MORE than 1% PER MONTH UNDER the agreed benchmark over that period.
You can be sure? the CTN Board and CGA very much " REGRET" your NTA would have now been over $1.15 IF EVEN the CGA benchmark had been achieved Let alone if a performing manager had been there - then NTA may NOW be over $1.20 +
Also CGA says thanks to the Board for waving through this deal so that we (CGA ) get the $12m from NAOS - provided you all tick boxes on the form for the AGM as recommended by your so called "Independent Directors"

Again, ACT in your own interest - Vote NO to All Resoutions
DYOR

Expand

Hello Silent Majority. Stand up for your rights. 52% did not vote at last EGM. And looked what happened since!
Avengers Assemble!

CTN Price at posting: 90.5¢ Sentiment: None Disclosure: Not Held
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