Operational results are reported to the Board every month, with...

Operational results are reported to the Board every month, with special reports on various events during the month when and as required. Every quarter companies get the full suite of reporting in order. The general rule is "no surprises" (to maangement). What they release to the market is then "coloured", depending on how they want the market to react. On the basis there haven't been any material changes (and hence the necessity for an ANN) they will trot out what they want to. My experience is that it is what they don't tell you rather than what they do which makes the biggest difference. This site is a good example of investors trying to second guess what is happening. If you really want to know what's going on, find out where their accountants go for a beer !! Sorry guys but it's all about balancing the "truth" depending on which audience they want - clearly it's not us otherwise they could put soemthing out.