Appears certainly Circadian(CIR) selling out remaining AVX...

Appears certainly Circadian(CIR) selling out remaining AVX holding now that they have taken 100% ownership of Vegenics. Some extracts of their Half Yearly Report to 31/12/08 posted below. As they effectively came into a lot of AVX shares at 25 cents, it is not hurting them to unload them at this level. Suggest very good buying for us!!!

The current period includes a net gain on the sale of 5.6 million ordinary shares in Avexa Limited of
$2,575,377 which includes the recovery of impairment losses recognised prior to 1 July 2005 of $1,633,108
(Circadian’s remaining holding is 8,087,914 ordinary shares).

• The combined market value of the Group’s shareholdings in listed investments as at 31 December
2007 was $12,069,414 (30/6/2007: $19,714,398). Since 30 June 2007, the Group disposed of
shares in Avexa Limited providing it with total sales proceeds of $3,384,476 (further details
provided below

31 December 2007
The net gain on sale of investments in the current period of $2,575,377 is in respect to the sale of ordinary
shares in Avexa Limited. This amount comprises the following:
Investment in Avexa Limited:
Net proceeds from sale of shares 3,384,476 -
Cost of shares sold 2,442,207 -
Actual gain on sale of shares 942,269 -
Recovery of impairment losses recognised prior to 1.7.05 1,633,108 -
Net accounting gain on sale of shares 2,575,377 -
The sale relates to 5,580,000 ordinary shares in Avexa Limited, sold during the period from 13 November 2007
to 12 December 2007. The Group retains 8,087,914 shares in Avexa after the sale of the shares.
At 30 June 2005, total impairment losses of $4,411,119 (whereby the cost exceeded the market value) relating
to 19,132,292 Avexa shares were recognised through profit or loss. All the shares sold during the current period
relate to the parcel which recognised the impairment loss in the 30 June 2005 year. As such, the recovery of
losses on the parcel of shares sold during the period amounted to $1,633,108. Also see note 7

This resulted in the Group receiving $23,176,958 cash
(representing the Group’s holding of 28,264,583 shares @ 82 cents per share) plus an in-specie
distribution of 4,706,763 Avexa shares (the Avexa share price on the effective day of distribution of
those shares was 25 cents).