JID,You almost convience me not to take up my SPP but after...

JID,

You almost convience me not to take up my SPP but after revisting the reasons why I originally invest in CMA, I believe you are wrong about this company. I hope you will also look at these reasons objectively:

-as I have been buying on the two previous dips (10 and 8c), I'm not in large paper lost. I will take my 15K and if current price hold, I'll be ahead (hold down from 48c). So I guess, averaging down do work!

-large ANZ debts paid from Scholz's injection

-recent cost cutting measures across the entire company has reduced operating costs (eg no overtime & salary reduction 2.5-25%!)

-several divisions are prices makers: mercury distillers, briqutters and Meretec. The services and products from these divisions are also highly profitable.

-the most excitting prospect is the expansion of scrap recycling division (new truck fleets, more shredders, bigger and more scrap yards, etc). The RBA, ABS and economist are all predicting growth in 2nd half 09 and 2010, plus banks all predicting 1-2 rate raises. All these are all "green shoots" for the economy to return to growth and growth mean more scraps. CMA has already lay the foundation and the money spent now be rewarded in good times.

-CMV is a growth company and I have 5-10 yrs view for it. I have a price target of least >$1 when world economy return to full steam and thus I am very confortable with the risk/reward ratio (this is one reason why I am not in SGM)

-personal view: I like CMA trucks, all new fleets and very visible on the roads