Glyndwr...I agree with most of this post, however, to have zero disappointment with management is a massive understatement. Over the course of IAM lifetime, their management team have made a number of monumental errors that have seen the share price eroded quite dramatically (see previous posts).
Its managements responsibility (for which they are paid quite significantly) to get the job done. It's their responsibility to shareholders to ensure that deals/agreements are signed. They failed not once (Sentry), not twice (NAB.....massive stuff up), but three bloody times (CBA). Yep...CBA are what you said (I totally agree), but if the products/services offered by IAM were/are as good as what management have announced, publicised and promoted over the last few years the CBA deal should have been signed, sealed and delivered.
Yes, they may have met or exceeded all of CBA's strict policies and procedures, but once again they have spent millions of the companies funds and still no deal. In my eyes and all my opinion....... no deals means that management have achieved very little and as shareholders we should be asking questions about how well our money has been used paying management to achieve very little.
CBA are pricks, but management should have made it impossible for them to walk away (they spent many months and millions trying). All of this talk about how the royal commissions findings will not be followed through because the Liberal/Nationals won the election. Scott Morrison was Treasurer when the Royal Commission was announced, he is now Prime Minister and has made a public commitment to ensure that all 76 recommendations will be taken up by his government. Its just another excuse by IAM's management for their shortcomings and arrogance. As I have said previously...I'm still holding (as my investment is worth very little now), but I refuse to fall for another one of managements excuses, I've fallen for them for far too long now.
