Finally, a teeny weeny bit of detail of the “vigorous cost structure review”. From the Chair of CIE ( no, not from CGA....But what do you expect?) at yesterday’s AGM. But still no official numbers. Is it a huge cull, as talked about by brokers? Trading in CGA so far this month, how much is informed trading?
What the Chair of CIE said yesterday -
“As you would no doubt be aware our Investment Manager, Contango Asset Management, has entered a period of significant change. As a Board, we have met to discuss the implications, if any, of the proposed changes to the CGA structure for CIE. Following a Board Meeting which was held on Monday 30 October the Board requested that CGA present back to us on 5 key points:
1. Contango Asset Management Limited business update 2. CGA investment team structure and resourcing 3. CGA Shared Services resources 4. CIE –marketing and growth plans 5. Board nominee
Senior representatives from CGA, including Chairman Roger Amos, Interim CEO Marty Switzer and Senior Portfolio Manager, Shawn Burns, presented to the CIE Board on Friday 10th November. As a Board, we were pleased with the answers provided by CGA and remain confident that in terms of the ongoing management of the portfolio by Shawn Burns, things will remain constant. As a Board, we believe that this decision to continue the IMA with CGA will be in the best interest of shareholders.”
We are no clearer about the outcome of “the “vigorous cost structure review”, but some brokers seem to know.
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