AFU, Ramamba CTN Directors have caved in totally, AND also...

AFU, Ramamba

CTN Directors have caved in totally, AND also obviously do NOT understand the laws they operate under.

Neither do NAOS Directors and Management

Regardless of what they say, or write, they completely ( deliberately ) misread their positions

UNTIL CTN SHAREHOLDERS approve both Resolutions 5 AND 6 at the AGM, then NAOS must ONLY be operating under the previous IMA ( purported to have been sold to NAOS Asset Management by CGA, with a casual "wave through" by CTN's Board ).

That means CTN is NOT a "Concentrated Small Cap Exposure" etc as defined by NAOS Asset Management in the document -- one presumes "they" wrote purporting to be the "manager" of CTN.

Equally, all the other"KEY CHARACTERISTICS" noted in the Monthly Investment Report.
Again, all are yet to be approved by shareholders for changes to THEIR portfolio -- NOT NAOS' portfolio!

So, where are CTN Directors hiding today? And how bad do the breaches have to get of ASX Listing Rules, and of proper business behaviour before the Governance Regulators call this "mess" to account

Well, here are 6000 shareholders ( average investment $30,000 ) who are very important Australians, many managing their lifetime savings.

But, the CTN and NAOS Directors appear to have other aims -- do NOT wait for legalities to be fulfilled ( if they ever will be ? ) -- just do what you want to, regardless of the legal position

As said before, shareholders must vote NO on All Resolutions at the Forthcoming AGM -- and band together with those of similar concerns to avoid their accumulated savings being used in a totally different vehicle to the one they had chosen!

NB I may well have an imperfect understanding. But the more I read and hear - the greater my fear is that shareholders are on a totally different page to the other parties. And CTN shareholders are not being listened to!!

PS 1% return for 1 month -- target XSO 6% - a great going away present from CGA.
Makes the last 12 months return approx. -ve 12%, compared to XSO of 14.6%.
So 26.6% washed away -- ie over $40m not earned by the shareholders.