Mr Bill Murdoch's article in The Irish Times of Monday 9th August 1999 contained an inaccuracy which led to the suggestion of possible insider trading. This is potentially damaging to Crean.

The documentation relating to the demerger of Crean's Print & Packaging Division contained an indicative timetable which specified July 30th as the expected "ex-entitlement date" i.e. the date of commencement of dealings in OakHill shares and Crean shares and therefore the date on which a purchase of a Crean share would no longer include an entitlement to an OakHill share. Dealings did not commence in OakHill shares and Crean shares until Friday, August 6th. The article states that Crean only issued a statement advising shareholders of the revised ex-entitlement date on Thursday, August 5th.

This is incorrect. On Thursday, July 29th, Crean issued a statement which included a revised time-table and which specified Friday, August 6th, as the new expected "ex-entitlement date". The article fails to mention this statement even though it was referred to in The Irish Times on Friday, July 30th.

Crean complied fully with all Stock Exchange requirements in relation to this matter.

Following on from Mr Murdoch's factual error, there is an insinuation in the article that dealers in shares between July 30th and August 5th who would have been aware of the change in the ex-entitlement date could have been trading with the advantage of inside information.

Because of Crean's statement of July 29th, the revision of the ex-entitlement date was public information during the period to which the article refers and therefore there was no inside information in relation to the ex-entitlement date in this period. For these reasons, the company rejects the suggestion of possible insider trading referred to in the article.