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.

did setstone become silvermines....

As far as I'm aware, the Setstone relisting isn't going to be until after the 4th Jan. and they may plan a name change in the future but not immediately.

Because STN haven't been trading for ages, I would guess that CFP still have that 120,000's worth of shares and by all accounts they could get double that amount very early into the new year.

thanks for that o/gro.
good luck and bestest

Suspicions of possible take-over of CFP are growing over on advfn guys, lots of odd goings on which when looked at as a whole seem to add up to a good case.

never been on advfn . but from what ive heard and gathered it seems to all be speculation on every share going.

bosley old chap you might be right

mind you the rumour market makes you lol

why???
why??????
why?????

you only take over a companie for one reason its working right and can make you stronger if you take it over
so what does this say about cfp

hmmmmmmmmmmmmmmm

more cheese anyone

The bounce is coming all indicators going positive:)

More buys SHE'S GONNA BLOW i TELLS YER!!GET IN QUICK:)

The MM's want sellers

Current online
will take 1.5million off you for .45
can buy 250K at .58

THAR SHE BLOWS,GET ON FOR THE RIDE OF YOUR LIFE:)

up 0.07 0.50-0.65 now

well called Snip, do you think there is much more to come in the near future.

Personally I think fair price should be 0.70p mid price anyway,hoping for some news if its good the skys the limit.:)

One more buy and its even higher:)

well called snip24. a bit new to all this . how did you know ? which indicators told you?

bosley im ashamed you never said well done to me when i was saying something a foot
now did you

see no one listens to the dead

roflmao
but the dead
lol

dead, soz mate. but then again , you always say somethings a foot.i mean , when someone calls it 5 mins before it happens you got to say well done. and how did he do it? thats what i want to know. where in the charts does it say ... the price will jump 35%?

mm
or maybe even an
mm
if hes not then i think the second coming just came

as i said this little gem is being played with like a football

and id like sb to ask a few questions himself never mind us askin him

just my opinion

Bosley, advfn can be a never ending circle of ramp and deramp (not half as civilised as moneyam!). However some posters have info. of interest. Here are some recent thoughts from SBL:

"As an investor, one of my most important elements of research is speaking to company directors. Sometimes you can get more out of a person than receiving a polite acknowledgment of your email. Asking direct questions may not get you the information that you seek but the tone of the answer may load ammunition to your gut feeling.

There is something going on behind the scenes with this company and it may be happening earlier than I expected. Rumours are starting to circulate that there may be a take over about to occur with CFA and I believe the following clues could add up to this event. No matter how anybody feels about this possible event I believe a bidder would be prepared to pay considerably more than the current share price, which I will explain later. What normally happens on the rumour of a take over is the share price climbs up very quickly and I do not see no reason why CFA would not do the same.

I was having difficulty in tracking down SB two weeks ago and spoke to both SB private secretary and Tony Rawlingson who both sounded very guarded about his whereabouts. I also had the distinct impression that they were both hiding something that was going on behind the scenes with a tone of insecurity. I did in the end manage to talk to SB and ask him directly if there was a takeover about to happen with the company and his precise words were I could not possibly comment on that. The sound of his voice and manner make me believe that CFA is up for grabs. I believe there has been an agenda since the second half of this year to sell the company and with the following events that have already taken place the clues are falling into place one by one.

1) On the 1st July CFA announces there is a change of advisor from Seymour Pierce to Grant Thornton. Seymour Pierce use to be SB old company and a conflict of interest would arise if SP was still their advisor and happened to be the bidder.

2) On the 21st July John Shaw resigns from the company. Why would you need the continuing services of the second highest paid employee if you were going to sell the company?

3) It would not be logical to conclude new IPO business if CFA the advisor and broker were not going to be around for much longer. The biggest clue we have here is that CFA were both the NOMAD and the broker for the last 7 IPOs but are only the NOMAD for Dunn-Line who are about to float. Strange hey?

4) The MM are showing classic signs of holding the price down with a large spread pending for a big wildcat ready to pounce. They are also willing to buy more off of you than they are willing to sell.

5) We also have the fancy window dressing on the latest interims. Were they trying to impress us loyal shareholders or was it for the eyes of the hunter?

6) SB is near retirement age and also has the benefit of 64 million worth of shares. Much easier to dispose of in a take over dont you think.

7) SB hinted he would listen to offers in the ADVFN interview.

Now the most important thing, how much would a company be willing to pay for CFA. The current market cap is a mere 3.1 million pounds.

Annualised recurring income currently totals over 340,000 and they anticipate that level of retainers and this source of revenue will show a significant increase by the year-end. So I would go for a possible 400K of recurring income and normally this would be valued at 10 times earnings in a take over situation. This figure equates to 4 million pounds plus 1 million of net assets plus the goodwill not valued in the books, which covers staff, the reputation of the company in the city and their work in progress.

Ignoring goodwill we could be looking at a minimum fair value price of 5 million pounds putting the share price at 0.80. What goodwill would you like to add to this price?

Obviously there is no certainty that this will happen but the current share price is at bargain basement levels where the full year may show a decent level of profit. If there is a bid announced, then at least a 60% quick gain is in store me thinks.

A particular poster would be most pleased if I declared that I sold a large percentage of my holding. Now why would I do a silly thing like that."


0.80p is very conservative. More like knocking on for 2p! What do you guys reckon to the analysis though ? Possible predators are thought to be Abingdon Capital, Daniel Stewart or Seymour Pierce.

I've just finished work by the way Im not a MM,bosley if you saw the all the indicators they were going postive on friday thats when I bought it looked to me that it was the bottom,lets hope for a RNS 2morrow:)