Ann: Investment Report & NTA Update - October 2017, page-8

OC funds Micro Cap released Oct nos
1m 5.6%. XSO 6%. 1Y 18.7%. XSO 14.6%

CTN shareholders will remember CGA's disastrous comparable nos were -- 1m approx 1% ( from NTA movement ) , and 1Y minus 9.5%

So CTN's magnificent Directors 5 months ago negotiated OC out at your expense, and gave that 15% of your funds to CGA

And now they ask you to support their next throw at the Dart Board. Appears to be NO DD, a deal favouring everyone but their own shareholders -- they have the gall to send out an Annual Report with 6 pages from a Chair, the CGA MD and Potfolio Manager - all gone before issue. And an amazing statement in the Note headed "Subsequent Events" that Nothing of significance had occurred between 30 June 2017, and the date of issue - Sept 27 2017. They have have had charge in those 3 months that has turned CTN on its head

But shareholders are clearly not at all in the interests of the Directors

Lost a fund manager and a Chair, and a recommendation to support a new Fund Manager with no experience in Micros, a 15 year IMA with no possibility for review or cancellation for underperformance, at a fee 50% higher than the market for funds of this size, and moving 6000 shareholders from a value low risk portfolio to a growth highly concentrated high risk portfolio. A manager who openly tells their existing clients. " We will not tell you details of your portfolio because that is our IP" But you will get the results afterwards

And NAOS has one principle that appears identical with CGA. -- the Fund Manager is in charge. Not the LIC Board. ( see CTN October report. Totally NAOS written. CTN Directors not in Sight. -- did they ever read it?

Shareholders need to take control back

Start by voting No to all resolutions at the AGM

The MD of NAOS stated to the telephone hookup that that will cause. "Armageddon"

Far from it - it will be the 1st step in taking back shareholder control

DYOR