I guess they (CIY) don’t have to disclose redemptions requests of the separate and unlisted entity FMT. Probably not a listing requirement in this situation. I agree future profit is, at this point in time, extremely difficult to predict because of fund outflow and hence, as you wrote, development funding and therefore fees (profits).
If, and its a large if, they somehow get back on track (repay debt, no defaults on loans, continue to pay FMT distributions etc) in the next few months then FMT investors might once again show some confidence and perhaps some will cancel their redemption requests and others might even invest to the FMT. I know that is a long long shot!!!
I personally believe for CIY to survive, given their current situation, there will have to be so sort of restructure, white knight (second) involvement, asset sales, or whatever. So we will see.
Interestingly, as mentioned on another CIY thread, yesterday was a very unusual day’s trading for CIY. About half a dozen or so LARGE sales at .92 continuously throughout the day before a surge at the end. Ok someone is selling, for what ever reason, BUT someone is buying into what could only be described as we, the ordinary old shareholders, think at this time is a very high risk stock. Why why why? I believe something is happening here.
Time will tell. Others thoughts please?
rodmor
DYOR
CIY Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
