the cmi story, page-10

Hi gp,
l think until Ray Catelan goes there is not going to be any change in policy which is why people walk away from it. There is not going to be any challenge to him under the current structure but we much make sure that they dont sell out the CMIPC cheaply at their own gain.
i dont know how long they can put off the div when they are making a profit, but it has been a long wait thus far with no light at the end of the tunnel.
Most small listed co are still way undervalued and there is great fear of lending to smaller co. and until this attitude changes they will remain undervalued. l have a host of smaller co that are 75% or so down from previous highs and yet they are still making a profit and looking solid. History shows that when the psychology changes a big re-rating will occur but this typically takes some years from the bottom. Great if you can accumulate and are an optimist ! Otherwise one cannot invest too much in any one stock no matter how good the outlook. we have seen some extraordinary tales following corp collapses and one can never know what CMI may reveal in the future eg siphoning off of funds. Companies with a poor track record simply do not re-rate until there is a change at the top and there is proof of that change is real.
cheers,
L