Thats why they are asking for an upsize to include larger small cap companies (sic). Hence the rebrand to NAOS Small Cap Opportunities Company. By Yoda's reckoning, small caps larger than microcaps.
In one stroke, CTN directors have changed the aim of the company, and replaced its management team.
And they complain about previous directors efforts to diversify to multi manager
Ann: Assignment of Contango MicroCap Limited mandate, page-17
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