Very good. CTN shareholders get to vote on the deal to rebrand...

Very good. CTN shareholders get to vote on the deal to rebrand as NAOS Small Cap Opportunities Company. Come on down, GW.
Question - NAOS pays out a significant chunk (between $6.7m and $12.5m over 4 years) of the 1.15% annual fee it will collect from managing CTN- will CTN portfolio be treated as second class citizens within the NAOS universe? What assurance do CTN shareholders get that they will be treated equally?
What a u-turn for the CTN Board. Having just blessed CGA as the single best manager for CTN by ejecting OC.
For CGA shareholders - lets extend the monetization to get an indication of valuation for CGA.
CTN deal worth $6.7m to $12.5m to CGA.
CTN approx $200m. Rest of FUMA for CGA $400m.
But some of this $400m FUMA is co- branded retail, lower fee large cap and insto $. Be generous and assume they can be monetize at half the rate as the flagship CTN. the crown jewels.
Then, rest of FUMA worth between $6.7m to $12.5m. As (400/200) divide by 2 equals one times.
Makes CGA worth $13.4 mill to $25 mill.
Or 28c per share to 53c a share?
Announcement did not specify conditions for max payment.
Mid point 40c. Rest of share price can be considered hot air?
Lets vote.