Michael Pascoe article, page-3

Too little, too late? Snippets from Pascoe’s article
“Enter the sorry CTN story. Disclosure upfront: The Pascoe family super fund has long held CTN and, more embarrassingly, I had recommended it to friends.”
“The sad and sorry saga of Contango MicroCap Ltd is taking another turn with the effective takeover of the company for no premium. Indeed, the 6000 mostly small shareholders will pay handsomely for being locked into a tyro funds manager charging the sort of fees enjoyed by the industry's stars.”
“Geoff Wilson's LICs have built up substantial shareholdings in CTN. He told me he had supported the "old" CTN board at the EGM earlier this year – he had been on the losing side.
Wilson told me he thought NAOS would do better than CGA. The Wilson Asset Management group had too much on with other LIC plays at present to fix CTN itself, so at this stage he would support the NAOS takeover, hoping NAOS could get the CTN share price back up to its net tangible asset backing.
Such is the situation the CTN board has left shareholders in – an apparent choice between a failed manager and a largely unknown quantity out to lock in at least 15 years of rich fees.”
“In my opinion, such behaviour - totally changing the nature of the company without any shareholder approval and treating the AGM resolutions as foregone conclusions - smacks of incredible arrogance.”