"So is that the end of the grilling of Kelaher? - or is there...

"So is that the end of the grilling of Kelaher? - or is there more after a nice lunch?"

There was about 30 minutes of follow-up questioning after lunch, but IOOF is off the stand now.

Essentially most of the questioning related to incidents to where reserve fund of a super fund was used to compensate members of that fund for errors, and whether or not this was the the correct procedure (the bulk of the discussion relating to the semantic interpretation of whether that reserve was an asset of the fund, or not).

I'm not sure if IOOF representatives will appear before the Commission again in coming days, but I have to say, if the aggressive short-selling in the weeks/months that preceded IFL's appearance before the Commission (refer chart below) was in anticipation of some adverse outcome from the Commission having an impact on the share price in the short-term, from what I saw and heard nothing that I thought had the ability to materially impact the valuation of the company.

Of course, what the Commission decrees and recommends when it delivers its findings later this year, can't be known.