On the AGM Presentation of 28 November 2008 it mentions that a property called the "Pacific Beach " on the Gold Coast Beachfront "is currently contracted for sale and should it proceed will see $90 million returned to the (City Pacific Mortgage) Fund." (see page 8) Let's hope that the settlement will be soon as it would be a big positive for CIY and the FMF.
With the CIY market capitalisation at just $11.4 million (162.5 million shares at .071 cents each ) it is possible that there could be a takeover offer for the company. A takeover offer would need to be well in excess of this amount to be successful. The former management team led by Phil Sullivan or others could be interested in a tilt at the company with the shares this low.
CIY Price at posting:
7.1¢ Sentiment: Buy Disclosure: Held
