Ann: Investment Report & NTA Update - October 2017, page-43

Rubs AFU

"NO". on Resolution 7 means Old IMA ( 2016 ) remains in force Which is the one that CGA purported to assign with CTN's waiver to NAOS
ie still has two options in it. 1). Whoever is the Manager is subject to performance review by CTN Board in June 2019. 2). Shareholders also have the right to call an EGM at any time on this point - performance. But for the time being, NAOS ( see later) is the Manager but on the old terms ie Micros, balanced portfolio, current feed , ends June 2021. etc etc

NO to Resolution 8 means simply bye bye to the New IMA

But there was an additional clause in the Notice of Meeting. Both 7 and 8 have to be Yes. If NOT, then BOTH fail ie no New IMA Old IMA is operating presumably with NAOS as manager.

Query CGA already got $2m ( non refundable?), and is due a further $4.5m over 5 years ( subject to something? Maybe that NAOS still have the CTN portfolio to manage? ).

Logical people might think that if shareholders reject Board proposals, then Directors might fall on their sword? Likely? ask a bookie!

Further, what if NAOS then decided to withdraw? And forget their $2m deposit? Could our mystery Directors know what to do with the portfolio? Or anything else?

This is why a VOTE NO on all Resolutions is important - to make the strongest possible message to the Board, and to the Regulators

The most intriguing question would follow. -- which of CTN Directors personally ( but not CTN the Company) and/ or NAOS Asset Management would be responsible for the massive rearrangement ( destruction ) already underway - confirmed again by NAOS today - of the CTN portfolio over the last 4 weeks. Given Directors had already asked shareholders to decide this matter on 28 November? . Perhaps nothing should have happened until then. A opening I that event for Slater Gordon or Maurice Blackburn to might an opportunity?

My personal understanding of material supplied, and research. I trust I have NOT misread the material provided by our Board ( unsigned ).
DYOR