Pretty smart actually. There wasn't much interest in CIE, because let's face it, these guys certainly aren't one of the best fund managers operating (to put it nicely). And you can't start an lic by making the public pay one price, but giving your mates a discount, but you can put a chunk in from ctn and then sell it off to your mates at a discount. Transferring ctn shareholder funds to your mates?? Somehow this is legal?
Hopefully a competent fund manager like Geoff Wilson will start looking at this one, considering the discount.
News: CTN Contango asset management announces sale of Contago Income Generator Limited, page-7
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