Summed up in two words "Bloody disgusting"BUT - prior to the...

Summed up in two words "Bloody disgusting"

BUT - prior to the work of trent /123enen etc, we would have probably thought it was brilliant!

To talk about debt in this way is negligent after the money that has been raised by Cityview shareholders.

My concern is that Africano probably didn't even write it, and might not even have a clue just how shonky this mob is that he's become a part of.


29 June, 2009
Chairman’s Address to Shareholders
Dear Shareholder,
Events have been advancing rapidly for CityView in Africa and I would therefore like to give you an update of our progress.
1. Minerals and Diamonds: Angola
As foreshadowed in my previous letter, Fortitude Minerals Limited (“Fortitude”) and Angola Diamond Holdings Ltd (“ADH”) have decided in principle to merge. CityView does not intend to participate in the merger immediately, but will retain the option to participate on the same terms at any time within the next six months. It is the intention for the new entity to be listed on the AIM market of London, and discussions have commenced to implement this. Board changes in CityView will now be made to avoid any possible conflict of interest.
2. Coal: South Africa
After months of negotiation, CityView expects to shortly secure a strategic stake in the South African coal industry by way of an equity interest in a coal investment company, which in turn owns 74% of a South African coal company, (the remaining 26% is held by a Black Empowerment Group). Here are three key reasons why this will be important for CityView:
(i) There is a large stockpile of anthracitic and coking coal already on site and awaiting transportation as soon as it has been processed through a washer plant, resulting in the generation of early and substantial cash flow.
Level 9, 28 The Esplanade, Perth, Western Australia, 6000
PO Box 5643 St George’s Terrace, Perth, Western Australia, 6831
Telephone: (61-8) 9226 4788 Facsimile: (61-8) 9226 4799
Email: [email protected] Web: www.cityviewcorp.com
ABN: 59 009 235 634 ACN: 009 235 634
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(ii) The South African company has access to coal loading entitlements at the port of Richards Bay in Natal which will provide an ability to export:: the export price for coal being far greater than the domestic price.
(iii) The purchase will be in various stages aggregating to 49%. The initial 21.25% costing US$17m will be settled by an assignment of Fortitude Minerals debt worth US$9.8 million and a loan of US$7.2 million.
Shortly we will be calling an Extraordinary General Meeting in relation to the grant of new options to our present listed option holders. This will be an opportune time for the Board to seek shareholders’ approval to issue shares at Aus 1.25 cents per share in order that all or part of this allotment can be used to reduce CityView’s loan commitment.
3. Oil: Cameroon and Angola
We are accelerating discussions with the Cameroon Government on their alternative proposal to compensate us for Matanda.
Likewise in Angola we are resuming our previous talks with the Falcon group on a possible participation.
4. Refinery: Nigeria
Our director Philip Rand has been spending much time in Nigeria attempting to bring the refinery installation to conclusion. It appears that our co-venturer Deanshanger has not confirmed that all the requisite Government approvals are in place. Consequently we are considering the introduction of other parties whom we have been keeping in reserve. We still anticipate making a commercial return on our investment
We will continue to keep shareholders informed of developments.
Manuel Africano.
Chairman