market update

There seems to be a plan, but this ann doesn't give much away about it. Looks like the suspension will continue, possibly until next week imho. Still no FYs.

***********************************************************

8 September 2008
The Manager
Company Announcements
ASX Company Announcements Office
SYDNEY NSW 2000
Dear Sir/Madam
MARKET UPDATE
The board of CP1 Limited (ASX code: CPK) advise that CP1 is formalising a
proposal with respect to its current finance facility which was discussed with
its financier last week.
The Company will complete and submit the proposal this week and keep the
market informed of any further developments in this respect. CP1 expects
the process to be completed by 19 September 2008.
Yours faithfully