Ann: Daily share buy-back notice - Appendix 3E , page-4

re: Ann: Daily share buy-back notice - Append... Hi Col

Yep - bit of a bad run for CIX lately. But ultimately the things I take comfort from are (1) the COR is now below 100, which means their insurance result is "generally" improving (excluding shocks), and (2) the net capital of CIX is actually above the current market cap.

CIX has always suffered from "start-up syndrome" - the need to be conservative (on things like its investment strategy, and its quote share arrangements) in order to preserve capital. Some of the niche business lines have done well though, and in "good times" this company will do well. They have also paid-down most of their debt and are probably now in a position to acquire additional portfolios should they become available.

Certainly one to watch - but the climb back to where it should be (IMO this is around 32 to 35 cents - but certainly well above 20 cents) could take a good year or so. Not really a "traders' stock" but certainly worth keeping in the bottom drawer for the time being (super is probably the best place to keep it).

Best regards
Kit