Farewell CGA

Final Report suggests 3m return was approx 5%. No 1m or 1 year nos. Hiding to the end!

A bit of digging into history suggests 1m MAY have been of the order of 3.5%, and 1 year MAY have been of the order of MINUS 9%.

The XSO Accumulation targets were 1m 6.0, 3m 10.3%, 1 year 14.6%

These nos suggests shareholders would today have an NTA closer to $1.30 HAD the Manager just achieved ONLY the target performance level ( XSO ) over the last 12 months. For CTN as a whole -- this is "lost" value of some $45+m.

And CTN's Directors waved through a change of Manager to allow the "failed" manager a "reward" bonus for this disaster - of $12.5 m over the next 5 years When will they face up? And go!

Don't rely on my digging and scribbles. DYOR

BUT IGNORE those Directors' recommendations.

VOTE NO on ALL 8 Resolutions at the AGM