so much for the recovery

I don't suppose the long term director, Kevin Seymour, knew anything about this downgrade being on the way when he sold all of his shares to Besix and announced his retirement. Of course not, after all he is a member of the order of Australia! I also don't suppose that the shareholders who sold the shares down from 84c to 70c prior to this announcement knew either. After all, if they did, they would be cheats wouldn't they?

The shares have been falling fairly sharply since the FIRB approved the big sale of shares, but prior to any of us ordinary shareholders being told of anything negative.

Watpac have gone out of their way to be optimistic and inform us of all their contract wins in recent months. Then we see the major shareholder and long term director sell out and then we get the downgrade.

This sort of thing seems to be becoming a habit on the ASX.

GPASAS