progress report, page-13

At first sight I disagree Reg, the reason being that I see monthly updates as being two pronged -

1. They help keep the market informed and thus helps improve credibility because it helps maintain an appearance of openness - if you look at the chart on the date they commenced you will see the market clearly appreciates them.

Moreover, in my mind it must also help in some way towards avoiding sudden plunges in the shareprice (setting aside the influence of the wider market - the coy can do little about that) because if the updates are sufficiently detailed and things are going to go bad, different people will decide at different times when to pull the pin - eg an engineer will have some idea if a 10% increase towards completing piping is sufficiently speedy for a months work or if it signals a problem and may chose to exit before someone like me who is not an engineer - if however there are no regular updates and we are all stuck in a vaccum until a release is made saying oops - there is now going to be another six month delay it means everyone who has had enough end up exiting at the same time - with the resulting el plungo effect.

2. Most importantly in my mind is that the regularity of the market updates provides a level of accountability and applies a degree of pressure on management to perform on a monthly basis knowing they will be judged each month as to whether or not they are making adequate progress towards those milestones within the targetted timeframes.

Nope - I see the decision to resile from the commitment to provide monthly updates as a decision to go back into hiding and treat shareholders with distain