Extract of statement from the circular issued just before the last agm.
"....The board now wishes to advise that it has reached agreement regarding the sale of the formwork division. The sale proceeds are equal to the carrying value of the assets included in the sale agreement.
Any queries regarding this sale can be directed to the undersigned. David Perry Managing Director Released : 26 October 2009 "
I inferred at the meeting that there would be losses on contracts transferred.
If one regards "value" as net 'value' and if one regards known but unquantifiable losses as negative then there would be a strong case for saying that the statement was deliberately misleading.
STS Price at posting:
53.0¢ Sentiment: Hold Disclosure: Held