AGM, page-2

Attended the Agm today as a former holder with view to re enter. Best to stay in bed until that idea goes away. Management provided little or no confidence that they are credentialed to manage this business through this downturn. It would be extremely optermistic to think they can reach their most recent guidance. To say market conditions are tough as some sort of excuse for the absolute reversal of fortunes is pathetic. The most telling indicating incompetetence was " with the benefit of hindsight" phrase was used far to often. They are supposed to be managers of a business , forecasting should be a core skill. From what I could tell the current management do not have the benefit of successfully managing a business out of a crisis in the past. They are in one now , Hofco would be the only part of the business that maybe operating at a profit, the rest of the business is slammed in reverse. It is also quite telling that 3000000 director shares where sold prior to the current malaise. I shared the lift on the way done with some of their base and atlas managers. I was in construction, those guys are reserve grade. Just observations from a non holder.