Ann: Net Tangible Asset Backing, page-4

Glad I got out of this. Well and truly back to their poor performance ways now. Can't trust management in this thing after the dodgy stuff they have pulled with the fund management business. All blowing up a bit in their faces now. Anyone who votes in favour of these guys getting their hands on the 30mil from CIE sale needs their head read.
Of course they can't have an iPo for an lic (CIE) where you sell shares to the public at one price, but give it to your mates at a discount, say 96cents. But somehow it is ok for them to invest 30mil of ctn's money in CIE, but then turnaround and sell this holding at a discount to their mate's?? Or in other words transferring ctn shareholders money to other external parties.
At the time when ctn had this holding in CIE the fund manager couldn't double dip on the management fee, so it was in the fund managers best interest (obviously not shareholders) to get that CIE holding off ctn's books whatever way they could (or whatever discount it took) so they could then start getting the extra management fees from this money, which adds up to approx $400k pa, which is around what the 2 head guys of the fund manager are paying themselves. So no wonder they are now so desperate to fight this! As well as the risk of losing more in the future!