I spoke with company and they also confirmed the settlement and that funding was in place.
I also spoke with the company today and they reaffirmed no exposure to subprime, reconfirmed profits and the dividend and when ask if there would be any shocks in the results, they said the only shock would be when misinformed media writers such as Mike West have egg on their face.
He also stated management is nothing like management of some other companies who have paid over inflated prices for assets and are now struggling, he said management was very conservative.
Gearing levels in a company like CIY are likely to fluctuate and are expected. Now with Martha Cove settling, you would expect levels to decrease.
I also wrote to Mark Topy from Pattersons who in June/July last year had a price target of $5 asking if he still held this view. whilst he couldn't give advice, he basically responded by saying the market is misinformed and that the media has likended them to MFS, etc which was incorrect to do so.
CIY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
