"Loss of key personnel... The Contango Group mitigates this risk...

"Loss of key personnel... The Contango Group mitigates this risk by employing recruitment and retention programmes and aligning long-term service with medium to long-term remuneration structures." (Prospectus from in mid 2016)

"Mr Boubouras, who previously worked at UBS' wealth management arm, told The Australian Financial Review that 12 out of 21 key staff are locked up between five and seven years and have forgone bonuses in favour of equity stakes in the new Contango business, which will relist later this year.

The rationale is two-fold. One is that it will shift the focus of staff from the short-term to the medium- and longer-term. The other is that profits, which will be distributed to shareholders, will be significantly larger if the biggest expense of the operation – staff – is slashed. That means the multiple the market assigns to the business should be higher." (AFR article from mid 2016)

"The Company will work over the coming months to complete its transition to Sydney with a view to ensuring an efficient operating platform that aligns with these growth plans." (Today's update)

A little over a year after listing, the MD/CIO has decided that waiting another 4 to 6 years may not be rewarding enough. As poor performing as CGA has been operationally, I did not expect such an early surrender. Perhaps the long term incentives have backfired. I am still surprised they managed to raise $5m at 90c per share only two months ago. With the loss of an institutional mandate and the CTN/NAOS tie up since then, there is hardly a dull moment in recent times for a spectator.