Email to Henry, page-21

It may very well be true on this occasion . My point was why were they not buying when they weren't negotiating such large contracts? The SP has been a "bargain" for the last 6 months.

The nature of the business is such that they will be in a state of perpetual negotiation of contracts. They will always be tendering and negotiating contracts. That means they can never buy or sell shares. This is the bit that is not believable and is quite frankly ridiculous. Does Leighton ban all their senior management team and directors from buying and selling shares. Or do they have a one month shutdown period where they stop speaking to customers so they can trade shares. There are many ways to address these regulatory issues through company trading policies, but their excuse on this occasion appears opportunistic.