financial update prior to restart of trading

Hi Peterdoobes,

Unfortunately on the face of it, it does appear that some predictions have become true. However please see below
concerning the CIY accounts just released to 31 December 2008.

Sharefolders funds are ( $9.1 m)
Add Townsville Terminal shown at cost
of $6 million and independent valuation
of $30 million $24.0 m

Adjusted Shareholders Funds $14.9 m

Add back dividend liability $ 9.9 m

Adjusted Shareholders Funds $24.8 m

Divide this by a revised shareholders
issued shares 155,276,337 shares and you get a net tangible asset backing of 15.97 cents per share approx.

So in essence we have an underlying Net asset position or conversley positive shareholders funds.

So the position of the company is far better than it appears.

Lets see what happens when the shares recommence trading hopefully on Monday morning !