Chapelthorpe - Fundamental & Tecnical Analysis

2nd time round for me with CPL. In prior years had bought at 13p (on average) and sold out at 22p. Started to buy this back at 15p few months back. Obviously annoyed with recent price drop, but on balance believe that 1.1p divi will be maintained for full year as 2H cashflow should be substantially greater than 1H (working capital management, £2.3m prop disposal and marginally better operating environment). I'm still a buyer at current levels (although worst may not be over for SP over short-term). Would look to sell if Pennistone sale collapses as I want to see debt levels down to a reasonable level. For me gearing is too high for such a volatile company. Think that true gearing is roughly 80% (should strip out goodwill from shareholders' equity). It is always a concern when goodwill is a large part of equity, but its even more of a concern with companies like CPL who incur exceptional costs all the time!