Financial Times

‘Corporate disclosures – need of the hour!’

This refers to the comment by ‘Corporate Observer’ under the above heading, in The Sunday Times FT on August 24. In it, the writer charges that “Hayleys never elaborated on the massive losses they have incurred in consumer electronics, hand protection and fibre sectors.”

This is factually incorrect. As you know, Hayleys PLC and other listed companies in the Hayleys Group submit Annual Reports and Quarterly Financial Statements to their shareholders and to the Colombo stock Exchange for dissemination to the market. Simultaneously, these companies also issue press releases to the media touching on their content. A perusal of Annual Reports, Quarterly Statements and media releases would show that we have reported on the losses sustained by Consumer Electronics, Hand Protection (specifically DPL Thailand) and Fibre (Specifically Onril) from 2005/6. In that these disclosures were made, shareholders had the opportunity to raise these matters at recent Annual General meetings, and have done so.

Richard Ebell
Director – Hayleys

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