The May NTA had the fund manager as 6% of the NTA, which was...

The May NTA had the fund manager as 6% of the NTA, which was 1.18. So that is 7.1cps at 162m shares = $11.5m, give or take

They sold it for $13m, which is 8.0 cps

It is now trading at $69m (less $4m I can see was raised in the float which could be in cash, so I'll subtract that and call the EV $65m)

I'll convert that $65m into CTN cps so / 162m shares = 40 cents.

The board sold it for 8cps, it trades day one for 40c.

Should I be angry, or double check my maths?


Remember: This board bought the fund manager a few years ago for 2 reasons iirc- 1) they said Internal managers are better for the LIC and 2) they said owning a fund manager was good business.

This was why (I assume) they bought Bellwether Partners in 2013 (see here http://www.bellwether.com.au/display.asp?entityid=765) and then bought 45% of Switzer Funds Management back in December last year.

They wanted to own fund managers. And then this

So, who wants to make a stab at the value of the Bellwhether and Switzer businesses we still own? I'm guessing zero for one, and zero for the other

And so a Switzer is on the board of the new funds management, along with George B and Charlie Aitken

So we bought this Switzer funds management in December, and then a few months later he and the contango staff pare out the funds management business out of CTN entirely and they all go off into a new enterprise

I can't figure this one out. Maybe I'm just jealous I don't own some of this new stock?

Or maybe I'm just reallllllly angry at the board for selling this for 8c when its trading elsewhere at day 1 for 40c


I've been here too many times now. Tired of it

I need you to connect the dots. I can see a shape, but too much De Bortoli tonight. Walk this old dog over the line please No