So let me understand this - or please set me straight if I have it wrong ...
1. CTN shareholders get a new manager - woohoo .... but we had one in OC, never mind ... but NAOS vehicles continually trade at a premium don't they?
2. CTN shareholders get to gift CGA with a $12.5m Xmas present by endorsing the assignment - considering what CGA's done for CTN shareholders in the last 24 months I suppose they deserve it ...
3. At least there is a new Board of CTN effective immediately - Kerr and Drummond gone but Poutakidis and Carroll are still there protecting CGA's interests and the NAOS boys protecting theirs' - who's looking after the shareholders?
4. New fee of 1.15% plus performance against the old 1.25% flat adjusted for the OC payout - the 0.1% reduction doesn't even cover the deal done with OC to sit in the shadows for the balance of their contract - and I bet the performance hurdles aren't difficult for NAOS (but they may have been for CGA)
5. I wonder if NAOS tendered for the 2nd manager position back in Dec16 that was awarded to OC?
6. Did CGA seek any other suitors? - oh that's right NAOS own part of CGA don't they!
7. Mandate broadening into small caps - why? Capacity constraint on micros maybe
8. Surely name change must also be in the pipeline?
Starting to sound very similar to the position just before the EGM, except this way CGA survives another year
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- CTN rebrands as NAOS Small Cap Opportunities Company
CTN rebrands as NAOS Small Cap Opportunities Company, page-8
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