Ann: Market Update , page-15

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.