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Cape shares crash... again

Investors in Cape (CIU) have got that sinking feeling once again after a third profit warning this year sent the shares 29 per cent lower. The strong recovery after both previous warnings suggested investors believe there is value here, but we would advise bargain hunters to steer well clear this time. Cape has been hampered by a further slowdown in its Australian business and the review of the value of the group's assets in Australia is being extended group-wide. To top it all, chief financial officer Richard Bingham is leaving with immediate effect.

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By John Ficenec,
13 November 2012

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