Why not deal directly?, page-2

Agree @Yoda,

CGA have sold the rights to manage CTN funds to NAOS.

But CTN shareholders own those rights, and have only lent the rights to CGA for a short period with a lot of out clauses.

NAOS is betting (sorry "investing") in a short term management contract with the confidence they can renew it by not upsetting the CTN shareholders.  Given the latest publication of shareholder distribution that means making a lot of small shareholders happy, or at least making them not interested in voting at a meeting to both transfer the rights and then renew them some time in the future.

Remember that CTN sold its own management rights to CGA.  This would have required a fairly generous contract to package the rights and make the sale.  Those contractual rights will on-sold to NAOS if CTN shareholders approve.

With the action in the share price there is a fair bit of buying going on.  It may be that CGA has convinced financial advisers to put their clients in CTN but it may be more interesting than that.  If the share price is near NTA it will make the small shareholder approval of NAOS more likely.  They do not read HotCopper.

The game is not over yet.  I probably sold out too cheap.

Happy investing