saphi asset management, page-33

Bluedog,

Letterbox is white!

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Now at the the pointy end of the stick as far as CVI is concerned.

Next couple of weeks will tell us if we have been skewered by it or whether we use it to pierce an oil field or two.

All of the dealings of late as far as placements go have been frustrating, however stuff is definitely happening!

Kwanza oil is still on the horizon (where's Conrad? he's still working for us remember) and our stake in Fortitude (and therefore our PWC valuation automatically goes up).

The assets are still there. Market forces, placement strategy and missed promises are the reason we are sitting below 6 cents and have touched into the 4's - look at the long term chart however and you will see it has settled down to touch the 4 cent range a few times before.

All is not lost, although it's certainly a frustrating ride!

Cheers