As an investor in the more traditional LICs, CTN has slipped...

As an investor in the more traditional LICs, CTN has slipped under my radar for some time, but I have just started to look at it more recently.

While the hearty discount to NTA is certainly compelling, I have my concerns about the management, specifically their bizarre capital management strategies. I refer to their recent on-market buyback in which the company bought back shares at up to $1.01, and within days announced an SPP at $0.87. It seems rather odd for the company to have purchased its own shares for $1.01, cancelled them, and then sold more shares for $0.87.

I think the CTN board needs a good shake-up. Either that or liquidate the company because it's clearly worth a lot more dead than alive.

I'll consider purchasing a few shares in February, once the newly issued SPP shares comes onto the market. They should keep the SP down for a while as people take stag profits.