Ann: IOOF update on APRA licence conditions, page-18

I took $5.11 early this morning after buying in at $4.60 some weeks ago in the aftermath of the big decline following the APRA action. I may lose out selling at this level since I think there is a reasonable chance that IFL may rise significantly from here. The reason for selling is that I was disappointed that they did not move the CEO and Chairman on.and have some difficulty with their forked tongue engagement with APRA in which on the one hand they vehemently deny the APRA charges which they describe as misconceived, yet at the same time say they are going to work with APRA to change things. By keeping the CEO and Chairman in place (albeit sidelined pending dealing with the charges) they lost the opportunity to move them on and not be forced to publicly continue to defend their past conduct.