Ann: CEO Letter to Shareholders, page-13

Milli,

There have been no announcements in recent times and trading volumes remain thin. Buyers have no need to bid up prices so they tend to remain stagnant.

Any holder of a decent line who wants out, will wait for a queue of buyers to line up (usually at a lower price) and sell into those buy orders causing the price to fall sharply in a very short term sense.

Why buyers sell is anyone's guess. Run out of patience, cashing up to buy into something else, tax losses or even getting money to pay tax bills! The small volumes over the last week or so at lower prices do not appear to be sinister signs of something bad. More likely, they are signs that the market is frustrated by CUP's relatively long term policy of making few market announcements.

Maybe that's just a sign of the type of business accounting and financial services is. As a long time CA in private practice, my business just does what it does (pretty profitably) year after year after year. There not much of a story there.

Maybe a change in government next year will shake the tree. They certainly have a full agenda of tax reforms that have got a lot of people scared.