Ann: Response to ASX Query re Appendix 4C, page-40

AllFuelledUp

Thanks for the acknowledgement.

But to answer your ultimate question, as a retail shareholder, sitting in my home office 1600 km from the action, I don’t have any special knowledge.

I didn’t know exactly what Naos were up to, but what I couldn’t understand was why Naos, a value investor, would have bought 15% of CGA.

It was not credible that they were taking that position as a passive investment.
Naos themselves might not have even known for certain exactly how it would ultimately play out. But evidently, they wanted to be on hand as the CGA ship took on water to see what jetsam they could pick up.

At this point, Naos has gained an extra $157m of FUM but there are still some episodes to go in this saga. Will Naos move to buy the rest of CGA?

I would expect that Naos would like to make permanent the arrangement that they have to manage CTN’s funds, rather just having a long term lease. Any CTN shareholders who have been paying attention are probably so punch-drunk now that they will agree to anything in order to get away from the CGA.

Presumably CGA still has some value if the buyer gets to manage some or all of its remaining FUM.

Considering CGA's recent investment performance and that CGA has just put the family jewels in hock, I cannot see CGA getting any new FUM any time soon.
Investment management is no FUN without FUM.

I have this image in mind of CGA as a half-eaten carcass being fought over and dragged this way and that by a bunch of hyenas and vultures trying to get the last juicy morsels.

Metaphorically speaking, as a very disappointed CTN shareholder, I just wish that Yogi Bear’s little mate was still on the scavenger’s menu.

cheers

These are my opinions only. Nothing that I have written here should be construed as disparagement of any of the parties or entities involved. For all I know, all of the parties and entities may be completely convinced of the correctness of their actions and be acting from the highest possible motives with all due skill and care in accord with their various responsibilities and obligations. Any figures and facts are mentioned in good faith but I accept no responsibility for their accuracy.