Ann: Clarification of market announcement, page-64

There may be other reasons why the deal may not go ahead, but without being privy to the details and conditions, I can only assume that the lack of any additional disclosure from FIG or BOQ is that they have have not breached any conditions that may exist and put the deal in jeopardy. ASX disclosure rules means that as soon as it occurs they have to halt/suspend and announce to the market as it is a very price sensitive matter.


A few days ago the AFR interviewed the BOQ CEO Jon Sutton, and here is an extract:

When asked whether the sale of St Andrews Insurance to Freedom Insurance Group would still proceed as planned, Mr Sutton admitted to analysts this was his "most practised" question.
"The agreement is subject to regulatory approval and I can't speak further on the matter," he said on the conference call.

He was also interviewed on yourmoney.com.au and this is the extract:

When asked about the sale of its insurance arm St Andrews to troubled Freedom Insurance, Sutton remained tight-lipped.
“We do have an agreement with Freedom Insurance and it also is dependent on regulatory approval. If there is any change to that, we will certainly inform the market.”

There is also an article on the australian that appears on google searches and I can't read it as I am not a subscriber but the first line in the google search says:

"6 days ago - Bank of Queensland will push ahead with its plan to sell St Andrews. ... BoQ revealed it had spent $9 million on the royal commission and other ..."

Dyor