Ann: Clarification of market announcement, page-55

And contrary to what the market thinks, the fact they acted so decisively when there was no legal obligation to do so when their competitors are still operating and results from RC isn't finalised until November, if anything this is a positive announcement because this is to satisfy the regulators imo.

In other words if we shut down Freedom Insurance tomorrow (threw away the $18m cash in the bank and assume $74m TA is worthless) imo St Andrews is still worth in excess of 8.4c per share even as a stand alone entity. Some fund managers say the regulators won't approve because of increased costs of maintaining St Andrews, I disagree as all the right incentives are now in place.

Imo only dyor.