Devine Limited will not elaborate further on these matters as they may be the subject of further investigation and legal action.
The matters uncovered are not material in relation to the company’s December 07 half-year or forecast 2007/08 full-year results.
Devine has always prided itself on the way it conducts its business with external customers and suppliers and sub-contractors and its relationship with its key asset, its employees. The company’s policies clearly set out what is expected of both the company and employees in respect to ethical and honest conduct and also clearly state what the consequences are of breaches of these policies.
Mr Devine said “shareholders should take great comfort from the fact that the matters in question were uncovered by Devine’s systems of internal control and review”.
Mr Devine said “the company was very mindful of its responsibility to its shareholders, customers, suppliers and sub-contractors and its employees and other stakeholders to act honestly and ethically and to conduct its business with their respective interests clearly in mind”.
He said the company was pleased to advise that a highly qualified executive had been appointed to the position of Manager Devine Constructions and would commence next Monday, 10th March ”. He said, “The company is pleased to have secured the services of a very senior construction manager who, over a career spanning 35 years, has held a variety of senior construction management roles”.