Well at some point we will see a comeback or it goes to oblivion, we could revisit 4 something or bounce along a bit, if you like the stock its cheap again.Where does this sit with you now? $5.47 and some headwinds, but a comeback on the cards?
Well at some point we will see a comeback or it goes to oblivion, we could revisit 4 something or bounce along a bit, if you like the stock its cheap again.
Lawyers for former IOOF managing director Chris Kelaher say the prudential regulator's claims against him are "vague" and "unarticulated".
The Australian Prudential Regulation Authority is seeking orders to disqualify Mr Kelaher from acting as a superannuation trustee.
The regulator alleges he personally committed five breaches of the Superannuation Industry (Supervision) Act.
But in opening submissions filed in the Federal Court, Mr Kelaher's lawyers said APRA was conflating the actions of IOOF with their client.
"Despite the length of APRA’s pleading outline of opening submissions, its case against Mr Kelaher remains vague and unarticulated," they said.
Mr Kelaher, who quit in April, was in court for the first day of hearings on Monday.
IFLIOOF[/paste:font]$5.343.38%
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Jul 18Nov 18Mar 195.007.009.00
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APRA is also seeking disqualification orders against IOOF chairman George Venardos, chief financial officer David Coulter, company secretary Paul Vine and general counsel Gary Riordan.
APRA also alleges that IOOF broke the law when it sought to fix its mistakes by compensating customers with more than $5 million in funds taken from the members own reserves instead of penalising itself for making the mistake.
Robert Dick SC, acting for APRA, said there was a pattern of law-breaking at IOOF.
He said IOOF's complex structure meant directors and employees had overlapping roles and responsibilities.
While this was not a breach in itself, the "commonalities" gave rise to a heightened risk of conflict.
And despite having many opportunities to do so, the defendants were unable or unwilling to "grapple with" their duties.
Yes Farimir, as with all these investment style companies, there seems to be a lot of smoke and mirrors, I have had them for a long time back when they swallowed Australian Wealth Management.IOOF has been on my watchlist since it's fall from grace last Dec 2018. I am not sure why I haven't put the time into investigating/studying IFL. Maybe I was dreaming of being a contrarian with IFL. I must admit I don't understand this stock. I really at least try to understand why it got got into trouble in the first place. (Re: Banking Royal Commission might give me a hint or am I way off track????) This company seems too complex for me. (I have poor concentration abilities, I need simple businesses to look at.)
No wonder I sit on the sidelines and just various announcements. Good luck @sptrawler I hope next Monday will be a good day for you.
I'd be very cautious about this stock.
The legal actions against it are potentially very large and the CEO finally ran away after a 10 year stint of arrogantly snubbing regulators.
Was trading at 5.64 when I made the above observation.
Is now at 4.80 with a large cut to it's dividend. The dividend being a reason why many Muppets would still hold it. ( I like Muppets they are basically innocent share holders that often get taken along for unexpected rides!)
That is all very true, but faint heart and all that, it wasn't long ago that BHP were $12, because a dam in South America let go and 19 people were killed.The risk is actually around 650m in compensation for IOOF . The billions was collectively along with AMP.
They could manage that over time but it could be pretty destructive to dividends for the next 6 or so years and if the markets go hay wire because fund managers stock valuations go absolutely nuts in these climates and the shi7 hasn't even hit the fan yet. Soo much potential volatility. You may be able to pick it up under a dollar in the next 18 months.
There has not been much reputational damage in the ordinary world yet, but the news papers will take care of that when all the fines start mounting up and execs start getting jail sentences (hardly a good marketing look) that could also effect inflows dramatically not to mention outflows à la AMP!!
so will say it now out loud ....... (divs and stuff seem to come back to the share price in these sorts of situations) ...... and SP now seems a little too high for now on the historical return/risk scenario at 12cents ..........agree SP that report will be the line in the sand .......... so reluctant to say out loud how divs and stuff seem to come back to the share price in these sorts of situations (rather than a previously held div level that lifts the sp back up - previous like for like was 27cents). Dunno ......
Oh well another for the bottom draw lol.so will say it now out loud ....... (divs and stuff seem to come back to the share price in these sorts of situations) ...... and SP now seems a little too high for now on the historical return/risk scenario at 12cents ..........
anyway, still dunno.
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