Ann: Update, page-6

If NAOS were smart they would use this as an opportunity to walk away from the CGA deal or at least renegotiate. But they aren't smart. We know this because:

1. They paid $12.5m for something they could probably have gotten cheaper if they just approached CTN directly.
2. They would not have sold down the CTN portfolio before the CTN agm vote.
3. They would never have invested 50 cents into CGA never mind owning 14.5% of it.

I can't see this meeting going ahead. ASX it would appear are onto this and reacting. From my reading this is basic listing rules. 10.1 I believe. Disposal of material asset to a related party who owns more than 10% of you requires a shareholder meeting. I can't see CGAs meeting or CTNs happening before 2018. Irrespective of whether these 3 amigos can get an EGM called before what will still probably be the inevitable.

Muskets at dawn, Class Action at 10 paces. Being sold down like that in the best month in years may come back to hurt. I also thought they said in the first conference call that they weren't going to sell down until December, after the AGM.

Anyway, I said popcorn time. Mine has just been put in the microwave. This just keeps giving. I guess they all hoped no one would notice or care.