ann next week, page-7

I brought 5 millin CFR for 1.1c -

$55K - I was happpy to be holding but the week before last got alittle nervous. I sold 4 million for 2.4c - Made a nice litte profit. I kept 10 million for free carry - They owe me nothing.

Myt doubts about CFR are -

1) Too many shares , 1.6 billion

2) Over the past 10 years CFR has risen twice this is the third time. And this time its on the back of IO

3) Managment, I am not sure if they have the TESTI 4TUDE to make this happen.

As I said I hold 10 million - If they get to 5 cents, I will sell.