orbis asset mgmt, page-13

No i didn't - not because i don't want to.

I have a renouncable commitment with MTU. Which will take my spare cash (actually all holdings are in the wife's name).

Unfortuantely, the general market is heading south, for some reason CKF have been hammered of late after plateauing at $1.12-$1.14. IMHO i see CKF as a defensive stock whose SP should have benefitied from the flow impact of lower interest rates and higher disposable income. CKF continus to defy logic.

In the absence of any further downgrades, this should reinforce the $1.40 SP several months ago. However in this time typical defensive stocks have benefited - TLS, MTS (post profit downgrade), yet the chicken man continues to head south.

My only concern with a FY result that (just) meets prior guidance is that the market is aware of the severe cost cutting and LSL obligation foregivence for the CEO (1/2 mill?). The market will probably factor in that these are not easily replicable in FY13.

I will double up, no doubt. Based on these dates,

CFL Audit meeting Monday 25 June 2012
CFL Board meeting Friday 29 June 2012
Lodge annual financial statements with
ASX and ASIC Friday 29 June 2012

and the fact that their FY ended 29 April, CKF management should have a good ubderstanding of "profit' in a few weeks. I will double up in late May. Once I have bought the MTU R/Shares.

Like I said on an earlier post i bought SWM at 3:48PM - 24 April - not long before their profit downgrade - no one saw that one coming, so I don't have a good track record.

I still think of CKF as being a defensive, "non sexy stock", do you know/think that it has been a target for shortsellers? Could it just be "misundersttod"? Or is it that "I don't understand". By late June 2012 it will be either 96c or $1.40.

Usually blurb DYOR, purely speculative thinking...blah blah.