tony and frank, page-6

George Bush was once asked what he and Tony Blair had in common. He said, "We both use Colgate tothpaste", to which Tony Blair added, "They are going to want to know how you know that, George". :)

I think Tony Sage and Frank Timis use the same sort of toothpaste also.

There is close, and then there is TOO close.

And whilst Frank Timis might be a deal-maker like Sage, and clearly they are both very successful, I think the relationship with Timis is viewed by the market as a little too close for comfort. And that impacts on the share price.

Surely there must be some non-AML related deals out there Sage can pursue?


Now, as long as CFE continues to make the deals, return the cash to shareholders, the share price doesn't matter so much. The intrinsic success of the deals can by-pass the market via capital returns. But unfortunately, circumstances have conspired to delay this happening. So all there is currently is the share price, and the intrinsic value, still tied up in the company.

I like the value in CFE. I like the business model. But CFE could do themselves a big favour and keep personal friendships and business separate. Or, start finding some friends who are liked a little more by the market than Frank Timis.

Y