saphi asset management, page-19

Whos going to find the link between Fortitude and Saphi first.

I'll av a crack.

Global/Fortitude invests $2mill into SAPHI. SAPHI takes the 10mill placement at 20c. SAPHI sells out placement at avg of 5.5c say for $550K. SAPHI returns the $550K to Global/Fortitude. CVI then buys another $1.4million worth of Fortitude (exactly 1million shares), leaving $550K in CVI's kitty.

Global/Fortitude haven't lost 1cent and SAPHI's client has a nice tax loss but not a monetised one. CVI has $450K more cash with some new day traders/avging downers picking up the dilution. NICE ONE!

Cheers,
The Sparkler