Ann: FUMAS for the periods ended 31 December 2018, page-84

I’m expecting a small cut to the dividend, maybe down to 25cps. It would be a ‘reassessment’ of provisioning for remediation which would cause a significant cut and be very bad news for shareholders. No doubt a risky situation which is why we are trading at the current pe. Clearly a much higher remediation cost would cause a big drop but what I think we lose sight of is rationale valuation. Even if the remediation ended up being 100mil and the share price subsequently dropped into the low 4’s, the valuation would be even more compelling than if there is no extra provisioning and the share price jumped to 6dollars. 
I can understand why lots of people, and particularly fund managers, wouldn’t want to hold ifl as it is very very unpopular and publicised, and you would look like a fool if you are unlucky despite having the risk benefit in your favour.