Dear Mr Chairman.

FWIW I have heard, from two brokers, similar rumour (although dIfferIng detail) and have sent my own clarification request yeterday evening (BST).

It's all nothing of substance at this point and I tend to think that surely if something was amiss it would be announced straight away.

Much as we would like to know, is disclosure in our interests? Cottee says 'no comment' probably means a confidentiality agreement has been struck. The BOD has probably acted to remove Cottee in a way that does not scandalise the company and further depress the share price. A smooth well-handled transition to a very good replacement has taken place. The cost of knowing why Cottee 'retired' is not one i want to risk bearing and they are not going to tell us anyway.