Final Results Due In March 2005.

http://www.cityfin.co.uk
Trades over 450,000 shares are delayed in reporting by 1 Hour.

One of City Financial Associates (CFP's) main operating goals is to bring fledgling companies to the market. With the depressed stock market over the last few years many potential clients have deffered entry to the LSE. Markets have now turned and the reality of a sucession of new floatations is growing. CFP are well positioned to enjoy the rewards that will be benefited to them in this growing market place.

Why the EXCITEMENT - will here are the reasons why I think we're on a winner.

1) My motto is when it's comes to investing there are three things. Management, management and management. With any good investment - the management should be the driving force in a company. Can they cut the mustard, are they dynamic, do they have good contacts? I think so if you read the following profile.

Stephen Barclay, Executive Chairman

Stephen Barclay, aged 61, qualified as a Chartered Accountant in 1964 with Robson Rhodes before obtaining an MBA degree from Wharton Business School in 1967. In 1989, after a career during which he reorganised various companies, he established City Financial Associates Plc (formerly Clifton Financial Associates Plc) to provide corporate finance advice to small to medium sized private and public companies. In August 1998, City Financial Associates Plc was purchased by Talisman House Plc (now Seymour Pierce Group Plc) where he became group executive chairman. In December 1998, Talisman House Plc purchased an institutional stockbroker, Seymour Pierce Limited, where he became executive chairman. He resigned as a director of Seymour Pierce Group Plc and various other group companies at the end of March 2001 to found CFA Capital Group Plc. He is a director of a number of public companies including MICE Group Plc and Talisman First Venture Capital Trust Plc and is a governor of the London School of Economics and Political Science.

John Shaw, Executive Director

John Shaw, aged 54, qualified as a Chartered Accountant in 1975 with Touche Ross & Co in London. Subsequently he spent two years seconded to the Quotations Department of the London Stock Exchange returning to Touche Ross & Co to join the Corporate Finance Group until 1982. After a period as a sole practitioner, he joined Chase Investment Bank Limited in 1985, was appointed a director and founded the Equity Investment Group, formed to invest in unquoted companies. In 1990 he joined Henry Ansbacher & Co Limited as an Assistant Director of Corporate Finance. He started working with City Financial Associates Plc in early 1995 and was appointed a director in December 1996. He was appointed a director of Seymour Pierce Limited in December 1998 where he was initially Head of Corporate Finance and latterly Head of Private Equity. He resigned from Seymour Pierce Limited and various other group companies at the end of March 2001 to found CFA Capital Group Plc.

2) They have turned a 2 million loss into nearly a profit if you ignore costs for discontinuing operations - that some turn around.

3) With only small market capital of 3.83M it's feasible to suggest they could make a good profit this year as they have already got off to a good start signing more clients.

A profit of half million would give a pe ratio of 7.66

1 million a pe ratio of 3.83

1.5 million a pe ratio of 2.55

2 million a pe ratio of 1.91.

So it would only take a small profit to make this company super undervalued. Consider the possibility they could achieve a 2 million profit this year, which is the least, I expect, we could be looking at a share price of 7p. YES THAT'S 7P (An average p/e for the sector is 16.) Even with a profit of only 1 million that's still an upside of 3.5p.

3) Consider the fact that some of their clients pay their fee by way of giving large share holdings to CFP. All it would take is two or three creamy companies to give them valuable portfolio holding which they could cash in at a substantial return.

4) The IPO is sector has already increased three fold this year. More and more companies are coming into AIM and from abroad then ever before. Rules have changed where foreign companies can use a fast track scheme to get on board more quickly then ever before. I'm sure CFA Associates are well positioned to benefit with this increase in volume.

5) We could see a re-rating this year in this sector, which would be the cherry on the top.

I rest my case, to me this is a no brainer unless you want to wait for the next results for proof they have achieved profitability. If that's your cautious approach, fine but by then, you can then expect a much higher share price then now.

Major Shareholdings:
Stephen John Barclay 64,600,000 11.66%
Pershing Keen Noms Ltd 49,610,000 8.95%
John Richard Shaw 29,400,000 5.31%

RNS Number:9414C
CFA Capital Group PLC
15 September 2004

CFA Capital Group plc
Interim results for the 6 months ended 30 June 2004
CHAIRMAN'S STATEMENT

Highlights

* Nominated Adviser to 20 AIM companies - broker to 15 AIM companies

* Currently handling a number of AIM flotations and other major transactions

* Strong second-half order book - solid outlook for year

* Turnover for the period up 95% to #510,000 (6 months to 30 June 2003:
#262,000 from continuing operations)

* Losses before taxation of #58,000, (loss 6 months to 30 June 2003:
#208,000 from continuing operations)

* Currently recruiting to further strengthen team

Introduction
I am pleased to announce that CFA is now retained as Nominated Adviser to 20 AIM
companies and broker to 16 AIM companies. The company is currently working on a
number of AIM flotations and other major transactions, and as such has built a
strong order book for the second half of 2004. The fees generated by this
activity, taken together with our underlying retainer income and largely-fixed
overhead base, leaves us well-positioned for a satisfactory outcome to the year
as a whole.

Sharply reduced losses for the first half were achieved even though we had to
incur costs on two flotations that were not completed until July 2004 which
generated revenues of #225,000. These revenues were not recognised in the
results to 30 June 2004.

Turnover for the period nonetheless increased 95% to #510,000 (6 months to 30
June 2003: #262,000 from continuing operations), with losses before taxation of
#58,000 showing a marked improvement from #208,000 (6 months to June 2003 -
continuing operations).

Following the sale of CFA Securities Limited in 2003, CFA is now firmly focused
on servicing the needs of clients who are essentially AIM listed companies run
by entrepreneurs. We now have a team of eight, comprising executives and support
staff, providing corporate finance and broking advice. We are in the process of
recruiting further executives to join the team. This recruitment will ensure
client service levels are maintained as we meet the increasing demand for our
services.

In accordance with my statement on the results for the year to 31 December 2003,
CFA started the beginning of 2004 with a good pipeline of work and with a degree
of optimism that market conditions would enable these deals to be completed and
this was the case in the first quarter to 31 March 2004. However, in the second
quarter, in a number of cases transactions that we anticipated completing in the
first half have either been completed since the end of June or have been
deferred. This adversely affected our earlier expectations of financial
performance in the first half of the year.

Financial review
Despite these factors CFA achieved a creditable result in the first half.
Turnover was #510,000 (6 months ended 30 June 2003: #262,000 from continuing
operations), overheads (including plc running costs) were #609,000 (2003:
#458,000 on continuing operations) and the loss before taxation for the period
was #58,000 (6 months ended 2003: loss #208,000).

These results need to be seen in the context of our having completed the
flotation of Smallbone plc (admitted to AIM on 26 July) and Ragusa Capital plc
(admitted to AIM on 15 July). No income is taken into account in the period in
respect of these transactions, although a significant amount of the costs
relating to these flotations were incurred in the period.

CFA is now retained as Nominated Adviser to 20 AIM companies and retained Broker
to AIM 15 companies. Annualised recurring income currently totals over #340,000
representing approximately 30 per cent of total budgeted group costs, and we
anticipate that our level of retainers and this source of revenue will show a
significant increase by the year end. Our increasing base of retained clients
not only provides a source of recurring revenue but is also a prime source of
transactions.

On 27 May 2004 we announced a placing of 65 million new ordinary shares at a
price of 0.7p per share, to raise #441,340 net of expenses. As at 31 December
2003 the net assets of CFA Capital Group plc were #534,000. The impact of the
placing and the small loss in the period, has been to increase the Group's net
worth as at 30 June 2004 to #914,000, creating a sound financial base.

Current trading
We currently have a strong order book both in respect of a number of AIM
flotations and other transactions partially arising through our existing client
base. On the basis that we complete a good number of these transactions, we
anticipate a satisfactory outcome for the year as a whole.

Summary
On 31 July 2004, John Shaw stood down as a Director of CFA Capital Group plc and
all Group companies. John has worked with me for over 10 years and was a founder
shareholder of the Company in 2001. The Board thanks John for his significant
contribution and wishes him well for the future.

The Board also extends its thanks to the entire team for their efforts so far
this year.

PTH

You've got me puzzled again. Please explain your comment about the forming of a postive divergence indicator over May to Oct. It looks from the graph that the signal is currently negative, which I had assumed indicated more selling than buying. Re MA crossovers, which MA. Does the centreline crossover relate to the MACD chart? Helpful having these charts in the introductory piece.

Eric

Eric

If you look at the MACD chart. A positive divergence forms when the MACD begins to advance and the security is still in a downtrend, (period May-Oct). This also happened May - Aug. The MA to which I refer is the MACD MA and a crossover happens when the stock moves above its trigger line, on this chart the MA is blue and its trigger green. The bullish centreline crossover also relates to the MACD.

Regards

PTH

pth,
you`re hoping !!
I have bought 2 million in last 10 days and bugger all has happened to price, in fact I bought another 250k this morning cheaper than I did last week.
total holding now is 4 million and when the BIG day comes - bingo.
but I`ve said that before and lost nearly 6000 on Tadpole, so don`t listen to me !!!

Snakey,

Can't deny that I am, all we can do is look at what data is available to us and try to make sense of it all. The chart tells its story, if it is a reliable one we will find out soon enough. I remain confident to buy some more, and believe in the fundamentals of CFP. At the same time I am prepared for further weaknesses if they materialise!

Regards

PTH

pth,
no,don`t get me wrong as I agree with you wholeheartedly. I just despair at times at the share price, when I know this is going to be a good winner for all who hold in the long term

morning all.i hate winter.

No trading at all today is something going on?? Are they suspended?? I am trying to stay positive-panic panic!

Panic over -no trading shown on Comdirect for some reason but trading shows ok on this site although the sp is down a bit. phew!!

Looks like a few have jumped off !
Hang in there guys (imho of course)

CFP hold 12mil shares in STN in lieu of fees. Word has it that it's return from suspension is imminent.

A price between 3-10p has been mentioned for STN

Hmm, Testing the up till now strong support level of 0.6p, hope it recovers from here. Although pretty dire day allround so not particularly surprised.

PTH

same here pth , lots of red , no blue apart from seo( yippee). not the best of days . i felt it was going to be one of those days this morning.

Had to edit my previous post, couldn't understand it myself!! I think I realised I was in for a bad day when I was level par after 5 holes on the golf course and still managed to shoot 90! Most of my shorter term shares are actually doing quite well today, it's the longer term portfolio that is struggling, perhaps I need to swop them around?!!

Anyway, I shall keep my eye on the price of CFA this week, I still have a further half million shares to buy, but will wait and see.

Regards

PTH

I understand that Setstone, (STN) will shortly be relisted. Estimates seem to vary anywhere between 3 and 10p when they do. CFA apparently hold 12,000,000 STN shares, do the maths and we arrive at quite a substantial amount for the balance sheet. It will be interesting to see if they hang on or dispose.

Regards

PTH

part of a post from advfn bb

carchase - 12 Oct'04 - 17:34 - 678 of 679

"..........CFP at the moment has no real volume, BUT this should not deter movement. So far I have observed larger than NMS sells move the price down, but larger than NMS buys are not doing anything. So we move to the next stage, why? I am fully under the impression that there is something happening. I was informed earlier that SB was busy, very busy. Now I have been told through a contact that they will not entertain any calls through the afternoon or early evening as things are chok a block! Rather than sound like the pagans in Life of Brian "He has given a sign!! ...a shoe!!!, this must mean...." I think we should all be patient and see what the rest of the week brings. If there is something then there is something. Till then very busy could mean anything, cleaning a car, unblocking a sink, painting the office, anything till its concrete.

Volume is the number one requirement right now, for us at this level."

PTH

from advfn stn bb

"Nobbygnome - 12 Oct'04 - 18:46 - 473 of 474

They were certainly accepting TWN certificates before the suspension. Mine are now all in nominee accounts so I don't know if certificates have been replaced. I guess not because I suspect we will get a new company name now.

My broker rang me today to tell me that he had just heard that STN will be relisted 'either late this week or early next'. So at least my information has been corroborated!

Nobby"

Thanks for the confirmation Slmchow. I partcularly like your post 1213. Unfortunately I suppose we all like to watch our shares on a regular basis, and when they dip, start to worry a little. Hence little snippets can be very encouraging. I have to keep telling myself to forget about them and have another look in six months, but easier said than done. Actually, having said that I forgot about CFA for 3 months and missed the opportunity of doubling my money on the spike!! So you can't win no matter what you do!

Regards

PTH

Another from advfn bb CFP are advisers and broker of USA

"sdtoot - 12 Oct'04 - 21:30 - 697 of 697

There have been a few hints about STN returning soon, but one to watch is Ragusa (USA) who are rumoured to be very close to announcing their first acquisition. No doubt CFP will be closely involved with that deal."

Nice rise today. Putting my neck on the line, but if we hold this today, I believe we are on the next upward leg. RSI - improving, MACD - Positive, MAs positive, Bollimger Bands beginning to narrow - indicating a change in trend - possibly positive, divergence between CYC and CFA begiining to narrow, (if you believe in Mirror stocks). All we need now is some good news, increased voulme and up we go. Unfortunatley I still haven't bought my next block, so may have to buy at a higher price than I had hoped for!

Regards

PTH