Tuesday, July 24, 2007

EMFI - Update July

Hello everyone, just a general update on the Funds status.

BMBE
Because of a misrepresented loss due to a bounced loan secured by T2 BPO's the total NAV of BMBE is actually just over 80b instead of just over 100b. EMFI has a big stake in BMBE and this has affected the total NAV of EMFI badly.

EMFI
Has continued to buyback EMFI shares and has gathered over 6b worth of shares, the cash reserves are over 8b and total NAV is still between 75 and 80b. We will continue to buyback shares of EMFI, however there are competitors on the market that over more then 90% of NAV for the shares.

CEO
To accellerate the regrowth of EMFI we are considering making Shiva Shikta the acting CEO of EMFI, a vote to such extend might be forthcomming.

Cheers everyone and good financial health.

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