smh article, page-6

Have this from CTN re intra NTA.. it's NTA relative to Small Ords ... both being wacked at the moment.



INTRA-MONTH NTA GUIDANCE

Following the extreme volatility experienced in August 2011, CTN wishes to clarify scenarios in which it will advise the market as to the performance of the underlying investment portfolio- on an intra-month basis.

Listed Investment Companies (LIC’s) already have a far greater and more extensive reporting requirement than most other companies. As an LIC, CTN is required to disclose its NTA within 14 days of each month end.

CTN strives to release NTA details to the market as soon as practical each month. In addition CTN provides its top 20 holdings and their respective weightings on a monthly basis and shareholders can monitor their performance.

CTNs policy is that if, at the mid-point of a month, the portfolio NTA of CTN has deviated more than 5% greater than or 5% less than the change in the ASX Small Ordinaries Index over the same time it will provide an intra-month NTA.

Ie:

· If by the mid-point of any month the ASX Small Ordinaries Index has fallen by say -4%, and the CTN portfolio NTA has risen by more than +1% or fallen by more than -9%: CTN will disclose an intra-month portfolio NTA.

· Similarly for example, if the ASX Smalls Ordinaries Index were up by say +10% and the CTN portfolio NTA has risen by more than +15% or less than +5%: CTN will likewise disclose an intra-month portfolio NTA.



The absence of such a declaration will similarly serve to identify the portfolio performance is within these bands.

While CTN monitors its NTA and Share Price performance throughout each month, any deviations experienced after the mid-point of a month will be continue to be identified through the usual monthly NTA document.