Geoff Wilson is a substantial in CTN, page-2

CGA's valuation is really in question now. Geoff Wilson appearing on the register of its CGA's ,largest client CTN is a value killer.

I give no value to their institutional mandates due to the similar poor performance that CTN shareholders are receiving. Institutional portfolio's are internalising and pushing fees down aggressively.
Re Naos they have clearly made a mistake in the calculations as there initial report on the CGA holding had significantly incorrect FUM data. Further any similarity to Magellan as used in the marketing push for CGA is a joke. CGA do not do international. An active manager like Naos is likely to become a seller at a still inflated price.

I would give an FUM value of up to 5% on some LIC contracts.

For CGA their CQA contract is a marketing contract on presumably very low fees so maybe 2% of FUM . Fund size is $97.0 m
For CIE given the sub scale size 4% FUM $80 m
For CTN , with short time frame before performance review (and now WAM) 3% FUM $200.0 m
Take and you have 25 cps valuation. Still trading in the high 90s . looks like a sell to me.