a cpc (now mae) story

For those watching/holding MAE (formerly CPC, but not accepted here under the new MAE code) ...... I saw some recent comments here about CPC / MAE and thought I would add some historical perspective.

I bought CPC way, way back (April 2000) when they were a gold miner in PNG and when gold was, I think, about $210! Management decided to change the focus of the company and announced this to shareholders. I kind of liked what management had done so I stuck.
After waiting a very long time (maybe 1 year or more) still no new direction! Cash in the bank was sound, expenses were reasonably low but there was no operational activity to make money. I bought at 52 cents and saw the price drift down to about 23 cents - not a lot of joy in that while waiting for management to determine a new direction and secure a worthwhile opportunity!
Then CPC gave a special payout (return of capital)for their patient shareholders at 33 cents per share! Very decent of them. With a reconfigured company and a new focus on a low risk strategy on developing gas reserves in the US the company is in a (currently) attractive sector and appears to be moving ahead with some consistency in developing reserves.

None of this is meant to be suggesting MAE holds great gains into the future - who knows what success their program will bring (you be the judge of that) - I just find it interesting that amongst all the negative stories about companies over-promising and under-delivering, brokers/analysts intense but sometimes astray scrutiny and recommendation (look at HSP!) that this company can progressively work it's way through a complete transition and return (for me at least) some shareholder value. All this without much analyst comment, publicity or whoo-haa that I am aware of.

Over the course of time I probably could have made much more money from some other shares. I have had a return on my original investment of 87% (including the capital return) over nearly 6 years.

There would be many better returns people here could boast about but I like the way this company goes steadily but assuredly about it's business.

There would appear to be several less well-managed companies out there in ASX-land - but again, you be the judge of that!

I still hold my shares.