I can't for the life of me see how this specific resolution can be in the CTN AGM? Surely NAOS will recognise that they are incredibly exposed here, both as NAOS funds management and their payment to CGA, as NCC and its significant holding in CGA which is perilous now (although there is surely no doubt it will be approved), and as CTN directors approving something which directly benefits them personally as NAOS directors and indirectly as NCC directors.
I think we agree NAOS are a better manager than CGA. But let CTN shareholders decide that in an orderly manner at the right time. Which is after CGA shareholders have approved it. IF the resolution was "pending the CGA sgareholder vote" than that is fine. But that is not the resolution. The resolution they have is as valid and relevant "approve the sale of RIO selling its coal mine in Timbuctoo to BHP"
CGA calls an EGM today to approve it, good luck rushing that jut before Christmas. It defies all comprehension that investment professionals, and MULTIPLE boards signed off on something that is not even Corps Law/ AICD lesson material. This is lesson 1, week 1, month 1, semester 1, Law of Contract. You cannot sell what you do not own. If you can demonstrate that you can, then you have corps law, which is very clear that this is a material asset and it needs shareholder approval to approve disposal of.
I stand to be corrected but I can't see this point remaining in the CTN AGM. On that basis, considering it is fundamental to other points, of affirming NAOS directors, the management agreement etc, I am confident that the CTN directors will do the right thing with regards to the AGM
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