Ann: Appendix 3Y - BM, page-14

Well for a long term holder yes CVT has been a source of pain if you've held. As to your points:

- I'm unsure about Pretty, TLS and Hills. He may have cost them buckets and he could be a clown for all I know. I have only judged based on his CV and from what I read. Notwithstanding there are many factors for a stocks underperformance, it can't all be down to Pretty. From end of 1997 to Jan 1999 (1 year) TLS went from 3.20 to 8.80. It was well and truly parabolic after Pretty joined and looking like coming down anyway after whatever hype there was (post privatisation?) regardless of Pretty.

- You sound like you've written CVT off after this recent dive. I wouldn't be so binary about CVT's future just yet. CVT has risk but there's worse out there. CVT has made significant changes with employee reduction and focus on government clients. We're on Azure. Pretty seems like a 'salesy' guy and additionally we have Lindsay Tanner's influence. They're well connected and we just need them to work their contacts.
And no news may be good or bad. We should allow for the fact it's been xmas season, it's always going to be hard gaining new customers over this period.

- A retracement was likely after the pump to 10c. I did not anticipate a retracement of this magnitude but alas it's typical. I got in for a short term trade and I'm close to cutting as well. Having said that, it's at times like this, the most pessimistic doom and gloom, a bottom appears and a stock rallies due no more sellers or an overdue announcement! CVT is near all time lows with possibly more potential than before. Worst cutting time. Best buying time!