trading holt, page-26

Grant Fenn should resign as well, the board should also follow! Below was an update from Grant Fenn.

8 December 2010
Waratah Train Update
On 3 November, the Chief Executive Officer of Downer EDI Limited (Downer), Grant Fenn, said:
?Under the current schedule, the first Waratah train will be ready for acceptance by RailCorp by the end of December and, under the contract, the timing of the entry into service will be determined by RailCorp.?
Mr Fenn also said on 3 November: ?The timetable is tight, but it is achievable if testing continues to go well.?
Mr Fenn said today that testing of the trains was going very well, however there have been changes to the testing schedule primarily related to the availability of track access.
Whilst discussions continue with RailCorp on track availability for December and the Christmas-New Year holiday period, it is now expected that a small number of tests will be completed in January and the first Waratah train will be presented to RailCorp for Practical Completion following the successful completion of those tests.
Mr Fenn said the liquidated damages payable by Downer due to the late delivery of the first Waratah train were included in the $190 million provision announced by the company on 1 June 2010. The delay of the first train into revenue service is not expected to materially impact the schedule for the 77 remaining train sets.