Ann: Director Resignation, page-21

Whether Ms Morfis wrote this ( CGA Company Secretary, Counsel and Governance specialist - also Company Secretary of all "Contango" LIC's ), or the new Marketing and Communications Manager , it was obviously rushed late on Friday ( did not have time to rewrite Director backgrounds in CIE's Ann Report issued almost simultaneously ).
Either way this will be listed ( alongside CTN's recent Monthly Portfolio Reports ) for the 2017 Oscar for the worst public communication by a listed company to its shareholders.
Firstly, the Notice is of the resignation of Chairman. After almost 8 years as a Director, and some 4 to 5 years as Chair, a little deference is due - regardless of the circumstances?
Secondly, sounds as though he did all these things on his own? Presume other Directors were all informed/ involved.
Thirdly, "the sale of Contango Asset Management to the management team led by George Boubouras , " -- but CTN has repeatedly advised the ASX and its own shareholders that they sold CAML on 29th June 2016 to a private company ( only recently formed by current Director Mr Ken Poutakidis, who was the sole shareholder and sole Director ). Further, CGA ( not just the Management team and Mr Boubouras ) has repeatedly stated that it only took control on 29th September 2016 - when Mgt and staff were some 20% of the register. So this statement is new "news" at both ends of the transaction!
Fourthly, neither CTN or CIE has indicated a sale of CTN's options has occurred. Given a one off sale and exercise of the options would represent potentially 15% of CIE's capital, perhaps some market advice was warranted? Was the recent conversion of approx. 8m options a part of some non notified transaction?
Lastly, the published advice to date by CTN has never suggested that OC Funds was "terminated" by Mr Kerr, or the Board. Rather, that they negotiated a withdrawal by a better performing fund manager in exchange for a payment to OC Funds by the shareholders of over $1m over the next 5 years. It might seem a minor point - but Fund Management companies live and die on their reputations. One presumes CTN's lawyers have been put on notice?
DYOR