Ann: Market update, page-26

While I sympathise with holders I think that the company gave indications that this was coming - lower implementations in the UK, increased investment in the International Capital Markets division, the Pershing issue - FY16 was never going to be growth over FY15 and the multiple contraction associated with the market adjusting its growth expectations is what took it down from $6.80 to $4.50 or so.

This update is disappointing but I think its unfair to point to any case of insider trading.

UK Wealth will keep growing but at a slower rate. International Capital Markets is going to be a tough battle, there is no regulatory driver there and I don't think too much value can be ascribed to it at this stage. Australia will remain steady.

I think they will make some acquisitions to fill the growth void in FY16. But the share price probably still needs to correct further.