Ann: Market Update, page-5

As someone who has posted on this stock a number of times in the past and is no longer a shareholder I thought for a long time before typing this. I don't want to make the companies current shareholders feel any worse then they no doubt do after the latest market update.

I think it is worthwhile to voice my disappointment in the management of CLV and many other listed companies who believe it is reasonable to come out with what they call a Market Update at "a minute to midnight" (just prior to the profit ann) slashing the profit outlook. Try and convince me that this is the first moment that they have become aware that profit will be no where near original guidance. Is this keeping the market fully informed?

I got out of CLV a couple of months ago (at a loss) when I decided that my money could be invested better and quite frankly in better managed companies - however it was not because I believed this Market Update was coming. How could I? Or any other investor for that matter? We rely on management to be upfront and keep us informed with the good and the bad news. Otherwise it's not investing - it's guessing.

For all those still holding I sincerely hope that the current trials come to a positive conclusion and that sales turnaround fast. For me though I had lost faith in management to be in control of my investment and this latest announcement has not changed my mind.