Ann: New Managing Director , page-6

The price of CSV only spiked into the 60s when the AFR published insider details underlining how close the acquisition was to nearly coming off. The company pushing the share price perhaps?

There were 2 bits of news yesterday, one good and one bad. The bad was a substantial downgrade in half year earnings. This again reinforces a legitimate market view that this company is poor with information and can't be trusted. The very good news was the removal of Mackenzie who has been very poor over the last 18 months and I now feel free to invest again with him gone. I learnt my lesson after the cap raise debacle and cut my losses and moved on. If you take the time to read the Fuji Xerox judgement Mackenzie was described as a unreliable witness which sums up my view of him as well. I quote:

" I do not regard Mr Mackenzie as a reliable witness. From time to time, he denied matters, only to be obliged to recant his denial when shown contemporaneous documents. On numerous occasions, he found it difficult to give direct and responsive answers to questions. Specifically, he persistently avoided questions, when, in my view, he thought that to give a direct and honest answer might have been adverse to CSG’s case. He was given to foisting non-responsive and self-serving comments on counsel."

I don't see much point selling at these levels but am interested to see cashflow numbers. Rejoice that Mackenzie is gone - the ability to trust management is not negotiable.