Ann: Thorn agrees settlement with ASIC, page-2

That settlement at least closes one of the unknowns. Mr Market hates unknowns, and often even bad news occasions the SP to rise as the even worse expectations of pessimistic investors are put to bed. I had expected the penalty to be about $1m, but Management obviously had a better feel for its likely magnitude.

On the other significant unknown, I have no idea of what is happening with respect to the class action. https://www.comcourts.gov.au/file/Federal/P/NSD448/2017/3784695/event/29148834/document/1061116 covers court orders. The last order reads:

JUDGE: JUSTICE GLEESON
DATE OF ORDER: 31 October 2017
WHERE MADE: Sydney

BY CONSENT, THE COURT ORDERS THAT:

1. The parties are granted general access to the documents that have been produced under subpoena dated 25 August 2017 by Rent The Roo AU Pty Limited.

2. The parties are granted general access to the documents that have been produced under subpoena dated 4 October 2017 by Tasthala Pty Limited.

3. The return of subpoena for the subpoena addressed to Tasthala Pty Limited on 3 November 2017 be vacated.

Date that entry is stamped: 31 October 2017

The matter could drag on, because Maurice Blackburn might hope that TGA pays go-away money, as often happens even if the defendant has a viable defence – witness NAB coughing up $6m in respect to the bank-fees class action, whereas ANZ fought on, and won.