institutional raising, page-6

I may be wrong here, but here's my take: -

1) The results have now been audited. Released later on the Friday 29th.
2) The reduction of debt in the, *separate* to CIY, first mortgage fund, was first announced earlier in the day.
3) The amount of debt actually used was 48.3 million, not 248.3 (they've got the short-term option of using a further 201.7 million in debt)
4) A swag of cash due back to the fund in the next few weeks should satisfy the above debt commited.
5) On a negative note, it's not clear if first mortgage fund also used the 40+ million in cash it had at 31 December '07
6) On a positive note, we are talking about a cash and debt position on the separate first mortgage fund, and not CIY itself, which is quite, quite different to the situation MFS et al are in.
7) Another positive note - I have sources in the mortgage game - yes there are redemptions taking place, but we're not talking about queuing out the door stuff.

To me, it'll mean a reduction in profits from their "honeypot" first mortgage fund - not a collapse in the CIY company.

It is going to be jittery again next week, and please correct my misunderstandings, but I can't see CIY doing my dough based on current, disclosed information and industry insight. It's just going to take a while before I pay cap gains ;)