Ann: CBD not to proceed with acquisition of Neigh, page-14

re: Ann: CBD not to proceed with acquisition ... Gerry advised recently that CBS had enetered into an arrangement to access funds using stc/recs as security with a bank.

The current waiting list for sale through the registry is 9 months.

CBD has discounted the value of the RECs by @10% in the B/L.

So if the cost of accessing the funds through the bank does not exceed @13%, the funding is good stuff and solves the 'cash' issue.

Coupled with this is funds flowing form O/S 0ps.

This is shaping up OK.