Ann: Change of Director's Interest Notice , page-18

Although I am not a good chartist, LEI appears to be finding resistance at the 27ema and for the whole of this year, each low has been lower than the previous low and each high has been lower than the previous.

These are all negative sentiment indicators.

Regarding risk management with LEI. A business that is into capital construction with the vagaries of the weather, unions and unforseen geology with a npm of 4% beggers belief.!!!! I would suggest that LEI have not been factoring risk into the pricing of contracts. I agree with opm2010's sentiment that there is a high probability that LEI has some more bad news coming.

If LEI, in writing the contracts, cannot price risk, then the sp needs to. LEI is currently trading on a 2012 p/e of approx 15.5. This sort of p/e would not appear to be justified, considering the risk involved in the business. At a sp of $19, the 2012 p/e is approx 12.5.

A sp in the teens seems appropriate for LEI until they can kick some contract goals.

HT1