how low can this go?, page-422

One option may be to sell the funeral insurance business and trail book to a bigger player, get cashed up, and let St Andrews become a reverse takeover.
That might work with the regulator too - a sort of prid pro quo to let the St Andrews deal through.
Or they scale back the funeral business, run it for cash but lower profits, and manage the trail book as carefully as they can.
There may not be much downside, but the upside probably depends on St Andrews going through.