I agree that given CIY own statement in the public domain states that there were in discussion weeks ago about selling, joint venturing or refinancing some significant assets that market was indeed not fully informed.
Mug investors like me who made investments decisions based on what they presented to one and all being "record profits" flawed balanced sheets in the HY08 presentation would have investing making decisions based on the official market information direct from the company
ASIC appear to be fairly toothless given the amount of press CIY were recieving weeks month you would have thought ASIC would have popped in for wee chat! Especially in the light of MFS, Provident, WestPoint etc etc. Are they not the police to keep watch over the corporations compliance. Don't ASIC read the papers!!??
Full disclosure should have been made before they entered into any of the current discussions. Surely these discussion were only preempted by some flags being raised probably last quarter of last yesr! The market should have been informed about liquidity concerns.
The month or so they let the press have a free crack at them certainly did nothing to help their situation. CIY responding and reaasuring their investors and market as late as the 29th of Feb knowing what we do now surely puts no doubt that their duty of care and responsibility to disclose price sensitive information to the market in a timely manner was breached.
It beggers belief that they whilst caught up in their own world at the moment have lost sight of this....maybe there is some heads in the sand. The "spokes person" for CIY has darted down a dark deep hole as he/she knows they will get a pasting over some if not all of the issues raised in this email.
In the meantime mug investors in the Mortgage fund were still making deposit. Some if not all in the last 14 days probably would have exercised their 14 day cooling off period rights....I know once the full disclosure was made I would have.
About 2 weeks before all this hit the fan I put a redemption request in for a deposit that matures at the end of March....fat chance that is going to happen anytime soon.
I am still scratching my head how they were able to deconsolidate the Mortage Fund at the end of last year! One can only speculate even at this stage alarm bells were ring on the balance sheet and the the deconsolidation was the start of circling the wagons.
When I invested in a fair parcel of shares on the 29th Feb which was based on the flowery and incomplete disclosure. I have no doubt the full disclosure with be flushed out Tuesday there will be a number of investors seeking to know their legal rights.
I see mention of a class action....Tuesday may well see it being kicked off!
CIY Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
