ciy & cp1 from gold coast bulletin 14 january

Here's some news from the Gold Coast Bulletin. It acknowledges share price is up recently but provides no fundamental basis for the price rise. Once again mention of the sale of land but still no ACTUAL sale. Weren't receivers supposed to make a decision in relation to TWO contracts on offer from November? Be nice to know the outcome of each.

Nic

"EMBATTLED property financier City Pacific's shares bucked the market trend yesterday, rising by more than 30 per cent.
Shares in the company's development offshoot CP1 also had an up day, although both were on low volume.
City Pacific's shares, which hit an all-time low of 6.6c last month, closed at 15c yesterday, up 3.5c.

THERE HAS BEEN LITTLE NEWS from the company in the past month regarding its asset sales campaign or its efforts to recover overdue loans from developers.
CP1 shares rose 33 per cent yesterday, closing 0.9c up at 3.6c.

INVESTORS ARE STILL AWAITING AN ANNOUNCEMENT on the sale of a development site in Surfers Paradise owned jointly by CP1 and fellow Gold Coast developer Raptis Group.
A sale for the site, just north of the recently offloaded Gold Coast International hotel, WAS BEING NEGOTIATED AS FAR BACK AS NOVEMBER after the collapse of an earlier deal with the Nikiforides family.
Yesterday's share gains came despite a 28.7-point slide in the ASX 200.
Both City Pacific and CP1 late last year extended their loan facilities with the Commonwealth Bank until the end of next month".