Ann: Half Year Report, page-39

I would caution you re investing in this company. I first came across CTO approx 20-25 years ago. At the time I seriously considered investing in CTO however was put off by managements penchant for attending local and overseas conferences, of course at CTO's i.e. shareholders expense. IMO these junkets were totally unnecessary and luckily this behavior dissuaded me from investing.

Every 2 or 3 years I check on CTO's progress and I see that nothing has changed. Management continues to mine gullible shareholders - I would expect that sooner or later the last of the original 'miners' will retire and disappear into comfortable retirement.

IMO CTO is simply a lifestyle co and I would not touch it with a barge pole!

GLTA & DYOR