When I saw this yesterday on the Dow Jones wires from French glass and building material manufacturer Compagnie de Saint-Gobain SA...

Saint-Gobain said a technical issue was delaying the release of its full-year earnings. Saint-Gobain had been due to release its full-year earnings for 2008 after market trading close Thursday, before 1715 GMT.

...I very nearly posted a comment to the effect that shareholders should look out. But it might always have been true so why jump the gun?

In the end it seems the company had €1.5bn technical rights issue reasons to delay which, now sorted, will:

"anticipate its future financing needs and maintain strict financial discipline in a challenging economic and financial environment" (link)

Good thing there is a credit crisis and recession to blame for otherwise someone might suggest the cash call is really as much about covering that unanticipated and strictly undisciplined (for a recidivist like Saint Gobain, that is) price fixing fine of €896m the company got last November.

Share price reaction?


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