Ann: Chairman's Address and MD/CEO's Presentation to AGM, page-14

BTW, with regard to the slower growth forecast, some of the spruiking done by CLH before this came out - to Motley Fool, for instance - encouraged new investment in CLH as a strong, stable defensive stock. Now it seems (according to their ASX anns) that at the same time this brought new investors in, two CLH directors were getting out or selling down. Net result is that the two directors made much more money from their sales, and the new retail investors are immediately down 8%.

Of course at the time I'm assuming the directors hadn't been officially informed of the next year's guidance, so there is nothing officially amiss. But they would have had a sense of what was coming. I think that stinks.