On 31 May2017, the company announced its on-market buy-back program for ordinary shares up to the maximum aggregate amount of $5 million. Back to a single manager structure

Back to a single manager structure: On 31 May2017, the company announced its on-market buy-back program for ordinary shares up to the maximum aggregate amount of $5 million. The buyback program is expected to commence from 19 June 2017 and to remain in place for a period of up to 12 months or until all funds have been utilized. Based on the company’s closing share price of $0.885 on 30 May 2017, this would equate to approximately 3.35% of the company’s issued capital. Further, the company has completed its review of the dual investment manager structure and has been in constructive engagement with both appointed managers to ensure the best interests of CTN’s shareholders are met. In practice, the dual manager structure has resulted in managing two portfolios which has resulted in a material overlapping of positions between the managers, increased concentration risk and confusion for brokers and market participants. In addition, CTN’s current dual manager structure has increased the cost and complexity of reporting and overseeing its investments. Contango Funds Management Limited (subsidiary of Contango Asset Management) and OC Funds Management Pty Ltd (OCFM) reached a resolution to return to a single manager structure as OCFM ceased providing investment management services to the company from 25 May 2015.

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