Ann: Ceasing to be a substantial holder , page-5

CEO in most recent media release indicated that first half will only see 20% of projected $10m full year result, with balance in the second half. On that basis we might need to be a bit more patient.

However, his earnings projection is 4.4cps in 2013 with perhaps a 20% increase in 2015 due to a reduction in write down of IT systems. CIX has no borrowings and is not in need of cash so payout rate should be at least in range 60-70%.

I am a bit more optimistic than Ivanovich, looking to a share price of 50c in 2014 and 60+c in 2015, so still plenty left in the share price for those that are not already in.

AGM on 23 May may give an update.