CTN rebrands as NAOS Small Cap Opportunities Company

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