something to watch, page-39

All

I wouldn't read too much in to the recent acquisition of the remaining 50% of IUA. The sale by the Dickinsons appears more to be a "family exit" than a "company aquisition" (from calliden's perspective), but it does, however, help to value the other half of the IUA business which CIX purchased around 2 years ago for considerably less than $1.5 million. At a guess, CIX will now need to revalue that first 50% and bring it to account in H1/09, plugging $1 million into the P&L for that six month period and perhaps masking the otherwise-boring H1 result.

All eyes for CIX should be on the COR and the investment performance - in other words, when the H1 arrives the top end of town may discount out any IUA effect from the result.

CIX share price seeming to find interest at 30/32 level, and perhaps this may be the time to consider reenterinig. Beta performance very poor, so its a case of close your eyes and pray when you buy...

Best regards
Kit