Ann: Half Yearly Report and Accounts , page-15

It looks like a largish holder has taken a revised view on the stock and decided to exit. I have no idea who, or how much they hold, but would expect the weakness to continue until they have completed their move. That said, I am sure that they will manage it sensibly, and ease out at something around the present levels. Nil desperandum.

A negative surprise in the accounts though (downward revision of last year's profits, long after analysts and brokers have used them as a basis for 'buy' recommendations for clients), always makes a lot of people look stupid, and starts them questioning their other assumptions. It doesn't matter whether this was an error by the joint venture partner or a lack of clarity in the tax regime, those figures were set in stone for six months, and used with complete confidence for every valuation and broker's recommendation. A profit warning is bad enough, but a retrospective downgrade, no matter who's fault, is a real nasty.

This is not the first uncertainty to come out of the Pan Orient camp either, and I don't think it will be the last. In fairness, it must be a tough gig for a small company to be running such extensive overseas operations, with all the people and equipment, but POE do give the impression that they are flying by the seat of their pants at times. CVN has it much easier as the non-operating partner.