anyone else dialed into the conference call? i had to juggle a...

anyone else dialed into the conference call?

i had to juggle a few things at the same time and missed a few bits here and there, but still managed to sneak a question in.

those are some of the points that i found of interest:

* if resolutions are NOT passed - which NAOS presenter referred to as an "armageddon" scenario - then NAOS keeps the rights to manage CTN portfolio and does so under the current IMA;
* resolutions require 50% to pass, except change of name which requires 75%;
* say good bye to old-style monthly CTN reports that listed top 20 holdings, not even going to get top 10, just the general commentary;
* no immediate urgency with re-shuffling the portfolio, current target is end of current calendar year;
* re-shuffle will result in holding numbers dropping from 85-90 to 15-20;
* bye-bye micro and small cap resources, naos focus mostly on industrials;
* did not immediately disclose NCC's CGA holding until pressured by couple of callers;
* some questions were fairly hard on presenter, but he didn't wrap up and was happy to take as many question as there were.

all in all it wasnt too bad, with manager alignment emphasised multiple times.

i hoped more hard-pressed questions would be asked, especially around the IMA, CGA relationship, grandfathered payments to OC, but i guess the attendance wasnt really there, and no "independent" board members were present at the call.

feel free to chip in and correct in case i missed something, and i look forward to listen to the recording which i hope will be made available soon.

until then seems like the best course of action is still to VOTE NO - that way we still inherit a better performing manager with skin in the game and get to keep the current IMA.