CIY city pacific limited

Price has come off almost 20% in last couple of months, probably...

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    Price has come off almost 20% in last couple of months, probably over concerns about the delay in furnishing the report into the liquidity and procedures of the CIY Mortgage Trust.
    The preliminary report stated the Trust was “probably liquid” and subject to “further review”. The final and full report was lodged with ASIC within the extended deadline of 28/9.
    My sources tell me that the final report found no problems with any aspect of the Trust. , albeit ASIC did seek clarification of a couple of points.
    CIY’s AGM is today and it is expected the Board will confirm the above, in particular everything with the Trust is OK.
    Once the market is reassured then I reckon a very good chance of a quick 10% gain in CIY.
    Even a longer term hold, with the stock on a fully covered 11.8% ff yield and pe of just over 7
 
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