The twisting story of Contango Microcap has taken on yet another strange turn, with directors ousted by shareholders at an EGM earlier this year urging the same shareholders to vote against the latest reconstitution of the listed fund. They argue it's more geared to reward the current investment manager than unit holders.

The ex-directors are the vehicle's founder David Stevens, along with Ian Ferres and Glenn Fowles. Heavyweights of the Melbourne business community, they were nonetheless removed from the board in March following a high-profile and bitter campaign that questioned their judgment and their directors' fees. The EGM, requisitioned by shareholders associated with investment manager Contango Asset Management, moved for their dismissal after they appointed a second investment manager to manage a small portion of the fund in a bid to improve its investment returns, which had been poor.