Ann: Freedom announces business restructure, page-23

I think the risk is fully priced in. Good to have the NPV confirmed.

NPV of its existing policies - $73.9 million offset by $16.3 million clawback of commissions. Net $57.6million.

They are discontinuing some but not all business lines. Provided servicing current customers and getting in new business covers operating costs, this should be atleast 25c. You don’t keep 90 staff and do nothing. They will continue to operate some lines.

Forager investment will likely continue and they may ensure a smooth restructure/takeover.

Regardless of any initial reaction to today’s update, its derisked now and will probably recover and no reason to continue at these levels much longer.