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.

Snakey - PMSL!!

Try this for a more sensible(IMO) assessment of the situation:

Griffin sell 60mln at 0.24p

Party B picks up 50mln of them at 0.24p

Party B splits the 50mln into 3 chunks and then farms them out via X trades at 0.32p(retaining 1 share).

So realistically speaking, I really can't see any sign of 170mln shares changing hands. All the large trades simply relate to what was Griffin's 60mln......

Obviously, the real interest here is who now owns the shares. Are they parties related to SD, or any CFP directors, or totally unrelated parties??

Rgds
dell

All IMHO, DYOR and this may turn out to be complete rubbish etc....

Good mornin CFP!
A small tick up, very nice, a little positive sentiment coming back?

There is movement on spread down to 24.2% which makes a change!

dell

Good effort! The 50M does tie up as there were three purchases later purchases totalling 50M at 0.32p. This appears to imply that a market maker took the shares and placed them with three buyers. The part that doesn't stack up is the fact that there were two sales at 0.24p: probably Griffin's 60M and that of 50M.

Re the reason for continued interest in the company: (1) the market is very attractive with the growth of AIM; (2) the company is well-position with good skills; (3) Rawlinson's track record is impressive. It strikes me that Rawlinson jumping ship is extremely unlikely: he is a professional who has the chance to take the lead role for the first time; he is probably not a rich man, based on the level of his holdings, and the opportunity to apply multiples to the holding he has by his own efforts is presumably attractive (I can't recall the option situation). If a poster is being cynical because that is his/her normal standpoint, then that is not particulalry helpful or appreciated. If its a matter of being convinced from a somewhat negative starting-point to a neutral or even positive stance, then that is what a bb like this for. Generally, the most coherent arguments will be from people who hold the share or have taken some time to read the bb as part of their exploration. Why then hold or buy. Because the potential upside is large compared with the downsides. If you are trawling the history, read overgrowth and ptholden in particular.

Eric

garden path mezzzz thinks

same old bull thats been flying around on this share for ages

ok lets look at it
i researched the ass of this one and everything looked(now thats a joke)ok

but when the md and an ex shareholder bail out(within min of each other) without telling anyone in the company there doing so

seems to me time to learn a lesson

dont get me wrong if i had major money to spare id be askin major questions on this share or paying someone to do it for me

because in my honest opinion it stinks

just an opinion

EW - My big assumption is that the MM who did the Griffin deal, only did it as 50mln of the 60mln stock was already placed at an agreed price of 0.24p(presumably the MM took a fixed fee for the transaction rather than creating a spread) and then split down by the counterparty via the three X trades.

With your assumption that the 50mln at 0.24p was also a sell, you end up with MMs still holding an immense amount of stock.

All guesswork, until further RNS announcements clarify holdings, so DYOR...

Rgds
dell

From another BB, in reply to an email:

Sir

We issued a statement to the market on 20 December. There is little more we can say at this stage except that we are getting on with the business in hand. We will make a statment on progress in 2005 at our AGM expected to take place in April following the issue of the accounts for 2004.

I hope this helps.

Kind regards

Tony Rawlinson

dell: I think we have to take my reading of the matter (with thanks to you for the tri-partite sale). There are two separate sales shown of 50M and 60M so I can't see how we can say that the 50M is part of the 60M. The 50M is sold on in the three trades. The buyer of the 60M has not yet declared; it could be a MM (perhaps the same one as the 50M) who will do a placing in due course. Could be important because: (a) someone could be building up a bid position; (b) it probably indicatesd confidence on someone's part in the company.

deadfred: You and I both lost money but take different viewpoints. I share a certain anger, perhaps cross is a better word, as I see now that the expectation, whilst achievable with a fair wind, did not take account of the risk of contracts not completing. But I feel that the level of your anger is not particularly constructive. I note the statement of cautious optimism for current trading: they have plenty of business in hand and I hope they get the rub of the green this time. We will know better in April. A counter-productive angle of these threads is that many want an answer tomorrow. With ASC, I can go to the hitwise trading statistics each week. With CFP, I need patience and need to be prepared to wait, except that there probably will be some indication from city-based investors who know much better than I can what is going on.

Eric

my point ew no one knows whats happening or how it happened

imho

now in my limited knowlege of how things should be done

id like to know this

how come the new md tr did not know or was not informed that the md and an ex(ex) employee were about to dump there stock and dump it within min of each other

if i was tr id be askin questions big ones at that

i dont mean to sound like the scallded cat

investing is by name a punt but its how it was done not the thing being done that angers me


just an opinion but its mine

not a single buyer to day

Thesaurus
I think at least all the trades for 0.0028 are buys. Have to be otherwise why the tick up. I would like to think that we shall see steady buying between now and march and see some inprovment in the sp. Hey but what do I know!

"The Board of Telephone Maintenance Group Plc is pleased to announce that TMG has been awarded a three-year contract commencing 1 January 2005 to supply telephone maintenance and related support services to De Vere Hotels & Leisure Ltd ("DeVere").

The contract covers all of the De Vere hotels throughout the United Kingdom
along with their Village Hotels and Greens Leisure Facilities. The initial
value of the contract is circa #500,000 over the three-year period. The Company
will also earn additional revenues from De Vere by providing other support
services. De Vere currently have 33 hotels including the famous Belfry Hotel
and 15 Leisure Centres nationally."

From the admission document:
"CFA has been granted an option to subscribe for 3,022,610 Ordinary Shares at the Placing Price, representing 4 per cent. of the Enlarged Share Capital. This option is exercisable at any time in the five year period following Admission."

Good find Grevis2
I'm telling ya this is now business as usuall and I feel that TR will steer the ship onwards and upwards will no Mr Dean looking over his shoulder but if needed SB to guide him through the choppy waters. I'm holdin fast.

thesaurus, All the .28p trades are buys for sure.

Goin down, guys, I'm afraid..... by 6% already this afternoon! Something well dodgy goin on - sounds all too familiar with this company.....

.....as I write - down to 0.20-----0.27p so don't think the 0.28p's were all "buys", Butane.....?

Now down by -16.07% apparently! Where does all this end? Was looking for the right "buy" opportunity but not so sure now!

The reassuring comments coming from the company while the share price goes down the toilet is most reassuring!
I agree the comments I have seen to date from Rawlinson amkes him sound onthe ball and professional . Lets hope its not a con job and the price is heading for zero!

Anyone read the QTR thread by the same author or am I jumping to the wrong conclusion?
Jem

markusantonius "as I write - down to 0.20-----0.27p so don't think the 0.28p's were all "buys", Butane.....?"
-----------------------------------------------------


Not sure what screen you've been looking at markusantonius but .28p has not been on the bid for quite some time now. Take my word for it, .28p were all buys.

This [Mon-AM] Screen, in fact, Butane! If I recall correctly, when you posted your buys - 0.28p was actually a lot closer to the bid price at the time of writing? If I'm wrong, I apologise - was just an neutral observation, that's all! When I posted, this website showed the mid p of 0.24p with a spread of 0.20p (bid) to 0.27p (offer). Notice that the sp did recover a bid soon afterwards so maybe that's a good sign, I don't know.....?