any ideas?, page-4

Thanks Septic1 (gee, it is kind of hard calling someone that!),

I agree with all you say - though perhaps not too concerned about GPG's decisions given the randomness of some of their results in the past few years.

Yes, I'm pretty cautious on this one - I usually prefer a business with growth factors in their favour to a simple value play. However, the GFC has pushed a few things like this into "tempting" territory - a level of discount to assets that in the past decade or so, has only been seen in companies destined for Administration.

Some of the earlier posts on CPI (circa 2005) were quite scathing about management. It would be interesting to know if the company culture has improved at all since then. The Annual Report and presentations read well - although there is a slight "ostrich" syndrome in their rhetoric - a hint of resentment that people should dare discard the printed paper for electronic media. While their arguments might be valid, business is business and it pays to face facts - recognise when to cash cow/extract value and look for a new "growth" string to the bow or simply cash out.

I tried to find out more about Octavium and Daniel Brown, but couldn't dig up anything much beyond their CPI interest. Agree that they have been the major buyer - so far, this looks like a good decision on their part, but, at the size of their holding, remains unproven until they actually stage an exit.

I bought just a tiny amount yesterday to force myself into following it for a while. Will mull it for a while - would really like a better feel for likely second half.