Ann: Market Update , page-5

Well there is not much left to short. I work for a competitor to COF and things are tough at the moment and major projects are being canned at short notice, so I can understand the motives for this announcement. Most companies are cutting 15 to 20% of their staff. I would not be surprised if they shut down Coffey Projects completely and cut back parts of the geoscience business exposed to mining. Hopefully the lower debt levels and the fact that significant restructuring has already been completed will make this less painful than last time.