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.

good post curness. keep info like this coming. I believe you`re pretty accurate in share value which I fully expect to be in the 3p + mark heading into interims in september and further expect a boost to 4p +++ beyond that time.
good luck and bestest

It looks as though the deals that SB promised are starting to come through now.

CFP are NOMAD for RAGUSA CAPITAL,Natural Resource Sector Investments floating on the AIM this week (15/7/04) with a valuation of 5.575 million. Ragusa are a cash shell looking for acquisitions in the oil services sector. I don't know if CFP are taking shares as part payment, however it's good to see that the business is still coming through strongly and makes the current share price all the more baffling (i.e. a great bargain IMHO).

New issues double on Stock Exchange
14 July 2004, This Is Money

THE number of new share issues on the London Stock Exchange more than doubled between April and June compared with the same quarter last year, the Exchange reported today as it delivered a 9% increase in turnover to 63.7m.

There were 92 new issues on its markets during the quarter compared with 40 a year previously, with 76 of them on the Alternative Investment Market against 30 a year earlier.

'We continue to invest in new initiatives to expand and diversify our business and believe the Exchange is well positioned for the future,' said chief executive Clara Furse.

http://www.thisismoney.com/20040714/nm80388.html

dead fred? you still with us?

what's next?

Interim Results out on 30 September 2004 Ckmtang.

Further to my last post :

NEW ISSUE ALERTS

OF 92 Stock Exchange new issues in the second quarter of this year, 76 were for quotations on the Alternative Investment Market. Only 16 were on the main market. The trend seems set to continue in the second half of the year.

http://www.dailymail.co.uk/pages/dmstandard/frame.html?in_bottom=http:%2F%2Fwww.thisismoney.com%2Fnews.asp&in_page_id=1804

why has one of the founders resigned?

Has anyone have any ideas why john shaw resign?

rns doesnt exactly give much away , does it?

Noboby has any idea, is this good or bad? Did the share price suddenly go into free fall? Did the share price suddenly go into orbit? Did anyone really pay any attention? I have heard else where that this is the bad news gotten rid of now bring on the good, if there is any. Mr shaw holds I believe over 29 million shares lets hope he doesn't decide to sell just yet. This is I feel a bit in the balance we shall just have to wait and see.

cfp just placing 65mil new shares a .007 and SB said they didnt need the money but the opportunity presented itself and the money is in the bank. They can easily use it to buyout John Shaw 29 million shares. Possible??

AIM sights set on luring more firms from Stock Exchange
Colefax is latest to be tempted by junior market's low costs and light-touch regulation
By Stephen Foley
23 July 2004


When Colefax brings down the curtain next month on its 16 years on the main market of the London Stock Exchange, it could be a curtain made from a sensational fabric of parrot tulips in large Delft tulipieres, or a chinoiserie fantasy pictorial scene of the most beautiful toile. But it will not be the final curtain.

For Colefax, the upmarket home furnishings and wallpapers manufacturer, is joining the growing band of companies to desert the full list for what it hopes are the more dynamic surroundings of the junior AIM for small and growth companies.

Just as AIM is surging ahead - attracting 114 of the 132 companies to float this year and accounting for more than half the money raised by new issues - Colefax expects it will get a new lease of life, too.

"I can't see that there's anything we lose," says Robert Barker, finance director, as Colefax gave its shareholders 20 days' notice of the transfer yesterday. "On the main list, we were increasingly encountering situations where the costs of our continuing obligations were holding us back."

Fees to the exchange and to corporate advisers are lower for AIM companies, and the exodus from the main market was once dismissed as a bear market phenomenon, a pinching of pennies by cash-strapped firms. But it shows no signs of abating. In the past five years, 173 companies have transferred, and the switch is no longer being called "moving down" but "moving across" to AIM.

The reason is that the relative advantage of an AIM listing extends far beyond costs. Red tape on the main market is expensive, of course, but worse than that, it can disrupt management's efforts to do an opportunistic deal. A takeover worth more than 25 per cent of a company's turnover, profits or market value must get approval from the shareholders of a fully listed company; for AIM members, the threshold is much higher.

Mr Barker said: "In a small and fragmented industry like fabrics, sellers don't want to know that a deal is uncertain and dependent on shareholder approval, and they don't want to wait for the time it takes for us to put a circular together. There have been a number of occasions where those obligations could potentially have prevented us moving forward on a deal."

Colefax has been unable to bid for rivals which have collapsed into administration, for example, because the emphasis of the receivers is on getting a quick sale.

AIM jealousy guards its light-touch regulatory regime. It recently changed its legal status to escape European Union edicts that would have forced it to impose a higher regulatory burden on its companies.

It also enjoys a favoured tax status, with its companies treated as "unquoted" for tax purposes. That means capital gains tax tapers away more quickly, the longer shares are held. There are also inheritance tax and tax breaks under the Enterprise Investment Scheme.

Indirectly, recently improved tax breaks on investments in venture capital trusts have swelled VCT coffers. The trusts have an estimated 400m to invest, much of which can be put into AIM companies.

Dru Edmonstone, head of corporate finance at Seymour Pierce, said: "Companies which have struggled to raise money on the main market come on to AIM and find that a whole new door opens. Sick and tired of being a small fish in a big pond, they can come and be a big fish in a big pond."

Mr Barker of Colefax: "Our experience of being a small company on the official list is that over the years there has been a dwindling of institutional investment interest in companies of our sort of market capitalisation."

On AIM, though, the new VCT cash is adding to an already virtuous spiral, where greater liquidity is attracting larger numbers of institutional investors and creating even greater liquidity. AIM is demonstrably no longer a backwater for staid family-controlled companies and spivvy ventures, and there are few institutions now that have a ban on investing in AIM. As a consequence it has grown to accommodate a record 816 companies with an average market value of 26m.

Despite the growth of the market, some veteran AIM players say it is still undervalued by the Stock Exchange hierarchy. That is perhaps inevitable: although AIM accounts for a third of the UK's listed companies, they add up to less than 2 per cent of the total market capitalisation, and trading volumes in June were less than 1 per cent of the total by value across the whole market.

Many of the smaller stockbrokers and fund managers who used to be shareholders in the LSE in its mutual days are still smarting that AIM was to be closed down under the LSE's ill-fated plan to merge with Deutsche Borse. Yet the LSE turned down a bid for the market last year from a consortium of investors fronted by Simon Brickles, the former head of AIM who now works for its rival Ofex. There is a suspicion that AIM will be a nice sweetener if Deutsche Borse does come back to discuss a merger, since its own growth company market, the Neuer Markt, is defunct.

Colefax may say it sees nothing to lose from making the move to AIM - not even any kudos from having a main market listing - but some of its smaller shareholders could face a headache in the coming days. Those who hold their shares in a personal equity plan (PEP) or individual savings account (ISA) will have to sell. These tax-advantaged investment wrappers are forbidden from investing in "unquoted" companies, putting AIM off limits.

Ray Caley, a stockbroker at Cheviot Capital, says the loss of an investment because of its transfer to AIM is inevitably disappointing. "It's a double whammy for investors. Not only do they lose their PEP and ISA benefits, but these stocks are quite illiquid so on a day-to-day basis after the announcement there are going to be more sellers.

"A lot of these companies are family-owned and have a good little dividend. I am thinking of Nichols only a few weeks ago. Investors thought they were in a long-term situation and were counting on the income."

There is also the suspicion, says Mr Caley, that some companies move to AIM to take advantage of the more lax rules as regards corporate governance. There was a storm last year when Peter Simon, the founder of the fashion chain Monsoon, increased his family's stake to just above three-quarters and transferred its listing to AIM, with rebel shareholders protesting that their interests would not be adequately safeguarded. And in 2002, Thomas Locker, a Cheshire-based engineering company, delisted from AIM without informing its shareholders.

There is of course a trade-off between the rights of investors and management's flexibility to work fast on big deals and other important corporate moves. But that institutional investors now hold a third of the AIM market is testament to the fact that the majority of companies adhere to acceptable standards.

Colefax, for its part, insists it will continue with precisely the same corporate governance standards as before, and Mr Barker looks forward to curtain-up on its AIM listing next month.

"There's no good argument I can give for why we've not done it sooner," he says.

http://news.independent.co.uk/business/analysis_and_features/story.jsp?story=543695

2 one milion buys gone through . is something brewing? or has deadfred risen again ?

according to shares mag , smallbone should float this week, or next. also , i read that cfa have been appointed brokers to float another company soon , cant remember the name. its all good

According to this from uk wire they are expected to float today.

http://www.uk-wire.com/cgi-bin/articles/200407221025051128B.html

Yes they have, currently trading at 60p.

Heres the RNS from this morning.

Smallbone PLC
26 July 2004


Smallbone plc

('Smallbone' or the 'Group')

First Day of Dealings on AIM and Placing

Details of the placing:

3,404,593 new Ordinary Shares being issued at a placing price of 59p
per new Ordinary Share (the 'Placing Price')

The Placing will raise approximately 2 million of new funding for the
Group

The proceeds of the Placing will be primarily used to:

- expand the Smallbone of Devises network with four new showrooms
in the UK
- open 3 further Paris Ceramics showrooms in the US in next 18
months
- further invest in lucrative US market with Smallbone flagship
showroom in New York
- launch new kitchen range in Autumn 2004
- re-launch bedroom and bathroom ranges in 2005
- expand range of designs, product ranges and brand extensions,
increasing average sales value per customer
- Complete integration of Smallbone and Paris Ceramics in the UK
and cross fertilise product
- source and introduce new materials and collections
- develop an exclusive range of worktops for Smallbone
- bring worktop fabrication in-house, significantly improving
margin

The Placing also comprises the sale of 2,331,159 existing Ordinary
Shares by Charles Smallbone (founder of the Group and Chairman and
Chief Executive)

At the Placing Price the Group will have a market capitalisation of
approximately 10.9 million

Dealings commence in the ordinary shares on AIM today, 26th July 2004
at 8.00am

City Financial Associates Limited is acting as Nominated Adviser and
Broker to Smallbone plc.

Information about the Group:

The Group consists of two complementary lifestyle businesses which sell
to similar customer bases both in the UK and the United States:

Smallbone of Devizes is the UK's leading maker of bespoke kitchens, bedrooms and
bathroom furniture. Smallbone is a highly regarded brand with many celebrity
clients and has eight showrooms in the UK.

Paris Ceramics is one of the US's leading designers and suppliers of high
quality, antique stone and limestone products for flooring, fireplaces,
staircases, bathrooms, terraces and pools. Paris Ceramics is a highly regarded
brand in US, with many celebrity clients and has nine showrooms in the US.

Charles Smallbone, Chairman and Chief Executive, commented:

'We are absolutely delighted with the support that we have gained from
investors. Our listing will provide us with the springboard from which we can
deliver on our strategy, giving us the opportunity to gain greater market
penetration to build our brands position both in the UK and the US'

26 July 2004

Enquiries:

Smallbone plc Tel: 020 74572020 (Today)
Charles Smallbone, Chairman and Chief Executive

City Financial Associates Tel: 020 7090 7800
Stephen Barclay
John Shaw

College Hill Associates Tel: 020 7457 2020
Kate Pope
Nick Elwes

PLACING STATISTICS
Placing Price 59p
Existing number of Ordinary Shares in issue 15,000,000
Number of new Ordinary Shares being issued under the Placing 3,404,593
Number of Ordinary Shares in issue following the Placing 18,404,593
Number of existing Ordinary Shares being sold pursuant to the Placing 2,331,159
Total number of Ordinary Shares being issued or sold pursuant to the Placing 5,735,752
Percentage of enlarged issued share capital being issued or sold 31.17 per cent
Gross Proceeds of the Placing receivable by the Company 2,008,710
Net Proceeds of the Placing receivable by the Company 1,468,710
Market Capitalisation following the Placing at the Placing Price 10,858,710

EXPECTED TIMETABLE
Admission and dealings commence in the Ordinary Shares on AIM 26 July 2004
CREST accounts credited by 26 July 2004
Despatch of definitive share certificates by 2 August 2004

Thanks Cunningham

great news, cheers.

ps
deadfred , where are you?

Hi all,

a highly informative thread, I'm just lurking and learning more at the mo - can I make a suggestion, is it possible for the thread header to be a little more 'condensed!' It was useful at the beginning, but it's a tad annoying now!!??

regards to all..

T..