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.

Having a great holiday in Whistler - that is apart from there being next to no snow, my wife Mary spending 4 days in hospital with pancreatitis and now CFP on top of PET! Not to worry, the health problems put the other matters into perspective. And this is a great place to be, snow or no snow.

I think some posters are confusing being a shareholder, which is all about the markets, and the company. Two different entities. I positively feel that taking direct action with the company is counter-productive and confusing your role. Lets face it, we are only holding shares in CFP because we wish to trade them at a profit.

Well, I've been out of touch with the market for a couple of days. What reaction to the events? Its clearly an agreed couse of action that Rawlinson and Shaw should go, sell their shares and leave the action to Griffin and the directors staying. Cash flow appears OK. Previous management have departed in inky disgrace. So what is the view about the new team? From a fundamentals point of view, a cap. of 1.5m? Probably worth an odd million shares. Could they go bust? More likely to be absorbed so downside doesn't look too bad and upside could be dramatic. Well, it depends how you weigh them against other options. Think I'll stay up late to look at the market when it opens.

My other thought is that we should not be too surprised. Its bloody difficult getting a new company off the ground even in a favourable market. Three or four contracts turning sour can ditch the enterprise. At least here there is a second bite at the cherry. If its a buy, its a SPECULATIVE BUY.

Eric

Eric: That is your perspective. Enjoy your holiday and stay out of here. Too massy and will spoil you rest. By the way SB -remember the reputable sleek city gentleman of high reputation in the city- is probably in Australia also enjoying his holidays on your loses.

andros ive read your post and im interested in knowing more or what you plan
so ill keep watching

unfortunatly i had a belly full and sold out

im afraid once you know youve been shafted then its time to fight(i dont know enought legal stuff to do this)or walk away (second option was all i had)

the third option hang on there might be jam next year or the one after or the one after was not an option i liked

but keep us posted i will still look in to see whats happening


the dead

Dead: ROYW coordinates so he will inform shareholders interested. Not the board as Griffin reads this too.

Drunker50: :-) Very witty I guess you are also one of those holding CFP

Bouncing back today--is there a glimmer of hope!

I am now very wary of direction for CFP and am concerned that there may be all sorts of financial manouevring in new year to consolidate shares initially, followed by a right`s issue of some sort or maybe just a straight forward takeover ??? My change in attitude is dramatically different from that which I had for ages, as I really did think CFP was going to achieve a particular distinction in it`s field and respond with a decent SP during next year. I can only keep me fingers crossed that they still perform to expectations, but am just not so confident now !!

will everybody stop the panic. take a look at the year chart



its back where it started. baically , this company got ramped to high heaven . let it be . new guy in charge , lets see what he can do.im still in and doing what i said a long time ago ,tucking these away and see you in march. but guys , chill.

Im with snakey on this one ( hope we are wrong)Bos you are sounding a little like iceberg what iceberg! that can't sink us we are the Titanic!??!- ( No malice intended)
Still in but I would be out given half a chance

from advfn bb

ROYW1000 - 22 Dec'04 - 21:44 - 3456 of 3465

We need 10% of the stock in our hands to get an EGM called to explain what is going on and question them on the trading 23 secs apart.

We are very very close to getting the 10% from all the replies. so far but they are still coming in. Someone yesterday emailed me the legal requirments for calling an EGM written by the lawyers, copies available from me if you want to check.

When I get 10% I will have a conversation with CFA, or they can get hold of metime to discuss what is going on here and provide the shareholders with details.

The ones who dont trust me who broke the news that these trades look illegal. I think you will find it was me.

Things are happening in the background and once I have more info I will email each and everyone of you together you BCC so no one except me knows who the shareholders are. This is for security reasons.

Once we get 10% in the bag and we are very close right now we can then meet them or take our own actions.

10% and the legal people can start work.

I have put a few nights into this and have been busy on other projects thats why I went away for a months months which other will verify on here. I have been in CFA for about 14 months and I am not happy like the rest of you.

With Xmas in the way the legal people are busy closing cases and not opening at the moment but be patient this is being looked at.


Email me for more info and I will try and reply.


Roy

royw1000@yahoo.com

sdtoot - 23 Dec'04 - 12:03 - 3477 of 3478

Should be some more revenue for CFP:-

RNS Number:7874G
Voss Net PLC
23 December 2004

Voss Net plc
Issue of Equity

Voss Net plc (the "Company") is pleased to announce that it has placed
25,000,000 new ordinary shares of 0.01p each at 1p per share to raise #250,000
before costs. The funds will be used to provide additional working capital for
the business.

Application has been made to the London Stock Exchange for the admission of the
further new ordinary shares issued to trading on AIM. Admission is expected to
take place on 24 December 2004.

This information is provided by RNS
The company news service from the London Stock Exchange
END

IOEZGMZZMFNGDZM

CFA website has been updated with fees received for TMG being 50k and Dunn-Line 120k

that`s the other one I was looking towards last week when I posted "one more before christmas" 3 or 4 more in the new year and things may not be looking so poor. Nevertheless, if there`s not 150-200K profit to end of year I will be very disappointed, regardless of recent statements

snakey and yet another one maybe

ch131 - 23 Dec'04 - 14:00 - 3480 of 3486

and a bit more work for CFP

Fundamental-e Investments PLC
23 December 2004

Fundamental-e Investments Plc (the 'Company')

Results of EGM

At the Extraordinary General Meeting of the Company held today the resolution
was passed to increase authorised share capital of the Company from 4,000,000
to 10,000,000 by the creation of an additional 600,000,000 new Ordinary Shares
of 1p each.

that should be a sizeable earner for us (CFP)

more from advfn bb

ROYW1000 - 23 Dec'04 - 17:26 - 3502 of 3502

I TAKE IT BACK THAT WE HAVE NOT HAD A RESPONSE. JUST CHECKED THE EMAIL AGAIN AD THIS IS THE REPLY.

Dear Mr Woodman

Thank you for your note. Herewith brief responses to your questions.

1. the direction of the company is the same as it always has been - to build a portfolio of retained AIM quoted clients and to transact corporate finance and broking transaction for small to medium sized quoted companies. There is no specific relationship with Griffin which, as you know, is now a shareholder in CFA Capital Group plc and is an introducer of business to CFA Ltd

2. the "synchronicity" of the sales of SJB and JRS was determined by them, not CFA. We did not know what their plans were regarding the sale of their shares following the announcements

3. our aim is, if at all possible, to provide all participants in CFA with benefit. The management need the right environment to achieve this.

4. CFA aims to provide high quality advice to smaller quoted companies and it certainly has the skills to do this. Over 50 transactions have been completed so far. The aim is to capitalise on these skills in what we hope will be good market conditions in coming months

5. This is a question for Griffin not CFA. Griffin is known to be active in bringing companies to market and CFA would very much hope to particpitate in bringing high quality businesses onto AIM as indeed we are presently. We hope this will be the case going forward.

I hope the above helps answer your questions. Please appreciate that we cannot say too much or give any material information to you without an official RNS announcement. A stable environment is needed if benefits are to be achieved.

Tony Rawlinson

Guys
I believe Roys actions are OTT and as bosley said chill out!
Please do not get involved in exposing yourself and your holdings.
Stay firm, some small buys coming through today after the dust has settled.
I believe there has been some good news today and if the above is a genuine response from TR then I am more than confident that things will improve.
I only wish I had more funds to top up!!
Keep the faith guys and have a good xmas break.

RNS re Griffin and Interbulk. What`s the chances of SJB and JS appearing in the developement of that AIM investment company, specialisng in engineering companies ???

The over-reaction re the bad trading news from CFP is only matched with that on the PET board plus PCI and various other oils!)! I'm with Bosley, usually am. Good response from Rawlinson, going just as far as he can. Have any of you who are taking an antagonistic position been involved in a start-up situation? What must be understood is that: (a) every company has to go through this phase; (b) the majority don't make it; (c) lady luck really does play a large part - do the initial customers cough up? - you are almost bound to take the business on offer - further down the line you would turn the less sound customers away or do the business on a less risky footing. Have you heard of the economic s-curve? CFP are still on the initial low-gradient phase but they have the cash in hand to see them around the s-bend and onto the steeper growth phase. When will it happen? We will know more by the results. We need to accept that they will show a loss but is that a problem for the first full trading year? What will be important will be the amount of business in hand and, what is clearly more important than many of us thought, good business in the sense that it will complete. A start up handling start ups; sounds problematic!

Can we come back to the fundamentals? The cap of this company should be more like #5m not under #2m. That would still give a lot of upside potential. I am not saying that the price will move much before the results. But I don't see much downside as they don't have much in the way of fixed overheads. What about the upside? What I like about CFP, say compared with BNH, is that the gearing is high in relation to successful business. They are an attractive company in that they are paid not on a cost plus basis but on a success basis. Yes, the very factor that has delayed the movement to profitability will, I believe quite confidently, lead to a rerating upwards when they do move into profit. So what should the cap be if the 2005 profits are #1m - that is not far-fetched. Could this be the ASOS of 2005?

So, guys, there is a strong case for a really good top-up! I've not seen any sound analysis from those who are angry with the company - can we return the argument to the fundamentals, please?

Eric

Eric - Good so see some oil on troubled waters.

Merry Xmas everybody and Good Luck for 2005!