Cityview is and always was... a marketing company. Their value is the beliefs they can extract from the market regardless of the underlying reality. You know how Coke ads make you think Coke is happiness and good times when it's really just water, sugar and bubbles...
Their reputation is shot in Australia, they can't get the market to play the game anymore so what's the obvious solution? Move to greener pastures. A whole knew bunch of suckers in London that don't know the story. They have essentially all of the assets in Fortitude. They'll dilute CVI's holding so there's no danger of a takeover.
All the spin about coal and Cameroon Oil is part of the backup strategy, if CVI is a major shareholder in Fortitude and they can ramp Fortitude enough in London then CVI should see *some* value at least until the london house of cards falls down. So add those assets to the package and you might see some more life out of CVI. At least enough to dump a few hundred million more shares...
That's my take on it... Now the question is, if they do manage to list on the AIM... what are all us burned shareholders going to do about it?
CVI Price at posting:
0.6¢ Sentiment: None Disclosure: Held
