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There are 2 NAOS transactions going
1) the original NCC investment -- approaching 15% of CGA, when they were lauding the departed's genius and his growth opportunity -- at average entry cost of close to $1 for say 7m shares
Trading Friday at 65c, and next week, month who knows how much lower? Not such a great opportunity in small caps. NCC an $80m fund. Looking at 2 to 3m of value gone already? And next week/ month? Not a good look for a LIC manager taking up the reins at CTN, or NCCshareholders.
2) Last week's deal was done by the funds manager. Supposedly, $2m up front already paid - no conditions. What if CTN shareholders say hang on a minute - and vote NO on either or both of Resolutions 7 and 8 at the AGM, for whatever reason? $2m of "personal egg on face" for a specialist Small Cap Opportunities Manager
DYOR
CTN Price at posting:
91.5¢ Sentiment: Hold Disclosure: Held
(20min delay)
