As my sentiment suggests, I am holding. There is however, a huge...

As my sentiment suggests, I am holding. There is however, a huge gulf in the range of potential outcomes. If the St Andrews deal falls through for whatever reason, whether it be the regulator, or FIG not meeting some other condition, then everything rests on the TCs. This could be worth anything between zero and a couple of cents per share depending on how good their actuaries are, and if the regulator wants to take with regard to TC's such as banning them completely, and retrospectively. The TC's provide some form of backstop but it is not certain and could be wiped out by the regulator, or it could not.

If they can get through their liquidity issues and the St Andrews deal and gets through, and they don't have to take too much of a haircut on their TCs, there is a good basis to multi-bag from here.

Make no mistake though, there are a lot of "ifs" and "buts" and asterisks to this, so it's a high stakes game with a lot of uncertainty, many of which is completely out of FIG's hands to influence now. This is not something you'd put a big part of your portfolio on, but for those who enjoy a punt, and can tolerate the risk, maybe worthwhile putting a few pennies in for which is what I have done.

I certainly wouldn't be suggesting this to my grandma that's for sure.