the worst of about 20 lics, page-13

Ok. They 10 years was up and they had to have a vote at the AGM. So one way or another we had to vote.

Taking them in-house and onto the payroll depends on the revenue from their other activities. Is it profitable?

Also, I'd like to know if there is escrow on the stock. If not, hmm.

I guess we won't be paying them fat performance fees in the future. That doesn't add value right now though.

Portfolio is size $190m, so this is another $6m, in new stock. That's not that significant. Portfolio is up 25-30% this financial year for perspective.

Could they have not renewed the management agreement and then bought the manager at a much cheaper price?Probably..but then its a game of chicken.

I'd like to hear:

What are they going to do to increase the value of that business?
What escrow is on the shares?
What reporting will they provide us on that business?
What drag will the OpEx be on CTN if the manager loses some clients- what certainty do we have that they will keep their clients
A bit more of a statement as to whether this is not bailing out the directors of a business they would never have been able to get value out of- ie, how do we know CTN isn't just being the "white-knight"


No sentiment based on not knowing what is happening with USA in 2 months and their debt ceiling