Oh my, my, my ...

Where do I start ...
1. The Annual Report - I know the financials statements were completed some time ago, but ... it has a Chairman's Letter from Mark Kerr, a CIO report from BooBoo, and under Likely Developments - the Company will continue to invest in microcaps. Also no mention of last week's transaction to NAOS.
2. The Notice of Meeting
(a) since 2004 the meeting has been held in Melbourne - suddenly, Sydney but not really a surprise because Evans and Evans (NAOS) are Sydney based
(b) Resolution 1 - the company has no employees, so this resolution is a bit of a nonsense anyway - but vote against it anyway!
(c) Resolutions 2-5 - Appointment of Directors - sack 'em all! - vote "No"
(d) Resolution 6 - name change - no surprise but it is a special resolution so 75% of vote needed - every vote against, requires 3 votes in favour
(e) Resolution 7 - Terminate existing IMA - foreshadowed in recent announcement - a vote "no" means this IMA stays - and so does micros focus, right to terminate without fee, and no performance fee
(f) Resolution 8 - Adopt new IMA which includes a 10 year term with termination fee applicable - previously CTN had a 5 year term with no termination fee) - and a performance fee with Small Ordinaries as the benchmark - any small cap manager with a brain can beat that (except CGA!).

Suggest shareholders vote no on all.

And as for the ASX - they will be requested to provide a waiver to allow the 10 year term - why should they provide this - the previous manager didn't have it. Oh that's right, without this and the termination fee, NAOS won't stump up the $ to CGA.
While I'm on ASX (and CGA), what about listing rules 10 and 11 about transactions with related parties and significant transactions - the ASX will just hide behind "shareholders can choose" - but really? We don't have much of a choice or have seen any due diligence.

And finally the 4G - the Evans chaps and Mr Fitzpatrick must have spent a significant amount of time reading and studying Company documents in recent days to make sure the 4G statements are correct - this 4G looks surprisingly like CIE's