So_Cynical
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Sure if they dump its going to zero, and that would be crazy....people are funny though.
FIG - Freedom Insurance Group
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Sure if they dump its going to zero, and that would be crazy....people are funny though.
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SC et. al
The announcement is no more confusing with the ASX announcement and the rising price for couple of days back and trading halt outcome.
The MD and top guns are leaving and they have already unloaded their shares foreseeing them to stop any blockage by the company.
Obviously good for the holders as it is more than 90% probability that FIG shares will rise great on Wednesday market opening.
https://www.asx.com.au/asxpdf/20181002/pdf/43yx57n0y59xvh.pdf
It sounds bad. Strategic review? The write up in the paper was horrible. Good luck yo holders
So_Cynical
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Its a negative announcement, hard to see it any other way, Freedom sells direct insurance and the ann says " Immediate suspension of new business sales of all direct insurance products." the direct channel is the smallest sales channel, but its what freedom was built on.
A complete change in their sales channel will be very difficult, they should just tell ASIC to go f*** themselves and just keep going with direct, just do it better than before.
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JTLP and SC
You duo were on the money.
I could see how I misread the announcement of FIG and your interpretation right on the spot reflected today by market.
There is a clarification from the company but sentiment is not going to change.
Thankfully I did not gamble this time.
On the lighter side, I could not understand how could SC tipped again FIG this month (I missed).
would watch how his tip travelling
On a serious note thanks to both of you for the help to read the announcement correctly.
So_Cynical
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On the glass half full side of the equation, freedom has no choice now other than to peruse sales via other channels, if they can sign up a super fund or 3 that would be a massive turnaround and they wont need as many staff cos no phone centre is needed to drive sales.
Insurance is a MASSIVE industry, as a junior they can be more inventive, have to be innovative now.
Miner - i tipped FIG in the comp this month thinking they would bounce off the 8c low, the start of the month timing didn't work out for me as they bounced to early.
Insurance is a MASSIVE industry, as a junior they can be more inventive, have to be innovative now.
Miner - i tipped FIG in the comp this month thinking they would bounce off the 8c low, the start of the month timing didn't work out for me as they bounced to early.
Knobby22
Mmmmmm 2nd breakfast
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Well there will be write offs and the insurance industry is a competitive space.
It appears to me everyone is trying to get into it. They like many others are effectively a sales channel.
That said, the question is how much underlying profit will they retain and will the be able to grow long term. All a bit average.
That said the SP price looks low to me. Might wade in, think there is plenty of time to do so though. Will wait.
It appears to me everyone is trying to get into it. They like many others are effectively a sales channel.
That said, the question is how much underlying profit will they retain and will the be able to grow long term. All a bit average.
That said the SP price looks low to me. Might wade in, think there is plenty of time to do so though. Will wait.
So_Cynical
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The market seems happy for FIG to trade between 2 and 2.2 cents, fair enough as management has no plan for recovery, no ideas at all it seems, they probably should all go and let the company start from scratch, people are still buying life and funeral insurance..
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Looks like they are starting to stumble.
https://thewest.com.au/business/bru...surance-goes-into-trading-halt-ng-b881095020z
https://thewest.com.au/business/bru...surance-goes-into-trading-halt-ng-b881095020z
So_Cynical
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Stumbling? - down 97% since Sept i think its fair to say they have fallen hard, the final blow coming perhaps but the damage is well and truly done, i imagine the halt is in response the the RC findings and recommendations and will provide either a road map forward or the end..
