It was a first for me, but I sold CTO based on a photo in their 2009 annual report.
Have a look at page 12 on the 2009 report (asx 19th October 2009)
The four managers/directors on the left look like they are posing for a suit catalogue. The bloke on the right - an honest fellow I bet - looks like he wants to have nothing to do with the other four or the company.
For me, that photo told me more than any other CTO announcement.
http://www.citigold.com/viewasxrelease.asp?Releasenumber=311
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