re: eddie-cfr Towie as far as I understand it there is no issue...

re: eddie-cfr Towie as far as I understand it there is no issue of capital involved in the 51/49% interest.

Packer's contribution of 5 mill gives him 51% control of the RUBY interests only (not the company itself which also has other projects). So I assume that the ruby interests would be similar to a JV with Packer and the 49% profit will be distributed to shareholders of CFR without re-arranging capital ,although a consolidation would perhaps make sense............unless ofcourse the shares go to 13c this week in a repeat of 1999!

Packer does hold about 74 million partly paid shares (which I believe are included in the current shares on issue figure) which on payment of 1.5 million become fully paid. All in all Kezza should be pumping in 6.5 million.

Funnily enough the only reason poor old CFR is getting bossed around by Packer is due to a govt bungle. The NSW govt stated years ago that mineral/gemstone resources remained the property of the govt (or co. granted the lease) and proceeded to list all the minerals and gemstones . Guess what they forgot to list.......RUBY.

Ka-ching for Mr Packer and as owner of the resource who didn't want to dig them out himself he negotiated such a ripper deal for himself with CFR. If it comes off according to my hopes for CPH to buy cut rubies from CFR at normal rates (meaning great profits for KP and us) and then market them at top market using CPH media muscle then there should be plenty to go around for everyone.

Here's hoping.

Ed.