Ann: Investor presentation - IOOF FY 2018 results, page-100

"Is there a possibility of the sale of OnePath to IOOF not go ahead in light of the RC or a delay? Keen to find out thoughts from the group."

It could be delayed, or cancelled altogether, who knows?
But I think the chance of that happening is quite limited.

And if there is some fundamental change in the transaction, it won't be because of any direct action, or even direction, on the part of the RC, because the RC doesn't have any jurisdiction over it.

Rather, it will be because ANZ itself decides to pull out of the deal and, given how far advanced it is down the track, I can't envisage that happening.

Of course, if the One Path trustee declares "NO!, This is not in our members' interests", then I think that dramatically changes the complexion of things, and in that case IOOF keeps its chequebook locked tightly away and the deal doesn't go through on current terms.

Instead, it will go through on terms that are very significantly adjusted (!) or, at the very worst, IFL will have grounds to walk away totally.

What I expect the company will then do is initiate the mother of all share buybacks while at the same time canvassing other sellers of wealth assets (and one thing we know for sure is that the market for wealth management assets in Australia, given the events of the past 6 months, is an unequivocal buyer's market.)

I hate to come across as one of those "No-Downside; All-Upside" myopic, cheer-leading kinds of people, but while the blow-by-blow accounts dished up be the financial media on a daily basis might attract eyeballs and sell newspapers, they are not revealing anything tactile which I can see having scope to fundamentally impair the business in any meaningful way ... well, not to the extent that the market value of the company has been impaired, at any rate.