Directors have questions to answer?9 Nov 2012 12:04
I do wonder whether the Chemring board doesn't have questions to answer in relation to misleading investors at the half year. Bearing in mind that this was less than 5 months ago, and at that time, whilst all was not completely sweetness and light with the hint of some contract delays, there was no real inkling that in the space of that 5 months, we would have 2 profit warnings, an aborted takeover and a displaced CEO. Investors are surely not naive enough to believe that the difficulties the Company were experiencing were not apparent at the time the half year results were published? Sounds to me like a ostrich head in the sand situation on the part of the board, but I do think that the relevant authorities would be justified in asking a few searching questions.
Hopefully, the delays etc. are truly delays and not potential contract cancellations. I do believe that CHG is fundamentally a good Company; I would just like them to be a little more upfront with shareholders.
Surprised the vultures aren't circling at the current share price which must be very close to NAV. Admittedly, there are intangibles in the balance sheet but even so..............