ctl - profit taking, page-5

I wouldn't think a capital raising is in order. The balance sheet is fairly robust and I'm pretty sure CTL can fund any planned expansion with forecast cashflows.

I'm not one to predict prices so I couldn't comment on your $1.20 target.

I would add though that although the recent expansion announcement seems good at face value, it may, in the short-term depress any rapid improvement in earnings (and consequently any increased returns to shareholders).

As you may be aware, the unspectacular earnings growth over the past few years has, in my opinion, been the catalyst for the shareprice decline. Any pressure on cashflow due to expansion cost blowouts may see a reduction in dividends - then watch out.

Regards
BH