"They might make $7.61 after today at the Royal Commission."
I'm sitting listening to proceedings at the moment.
The Commission is currently dealing with an incident (in 2009!) whereby a certain RE of a Cash Management Trust over-distributed an amount to the unit-holders and then recovered the over-distribution in subsequent years, and the reporting protocols and sequence of events relating to monitoring and remedying the breach, and who was responsible for doing what in terms of compensating members of the CMT who were out of pocket as a result of this breach.
The aggregate quantum involved is, I think I overheard, some $8.0m, which, incidentally, has already been paid unit holders, but the Commission is making enquiries about whether or not the mechanics of this compensation was procedurally sound and legal.
They've been on this particular incident for more than an hour-and-a-half.
So far, based on this morning's proceedings, the materiality of the issues being raised is really of storm-in-a-teacup proportions.
Maybe there will more more substantive issues emerging during the remainder of proceedings, but so far all I can discern are some modest-scale errors that are not atypical of any large organisation which manages hundreds of millions of transactions every year on behalf of hundreds of thousands of customers.
I must say, Kelaher is coming across as very defensive.
IFL Price at posting:
$8.85 Sentiment: Buy Disclosure: Held
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(20min delay)