News: CTN Contango asset management announces sale of Contago Income Generator Limited, page-22

That's my point. Its the manager's top line (CTN and investment manager) and not the shareholders top line.

The NTA per share is what you get when you buy a share as an investor.

Also, on your review of the AGM address. You forgot to mention how the sale of the investment manager left behind the liability for the CIE shares. Now they have been sold at a $1.6mil loss, assuming they transferred $1.00 per share to CIE at the float. It conveniently does not appear in the accounts because they made the sale just before the end of the financial year. There is also the $.3mil bonus CTN paid the CEO of CGA for buying the investment manager that was not mentioned in the address (it was mentioned in the annual report).