I didnt think there was that much more detail provided in the Release and the AGM recordings around the CBI issue- but if the concern is around general risk controls and frameworks then I can imagine a regulator being concerned that any new programs are just going to accentuate the current risk.
They have completed 45% of the Level 1 Remediation tasks but it means there is 55% to go, albeit "well advanced" on these. What these tasks involve, the extent of the systems changes or investments required, the people that need to be hired etc it seems to be still very much in the air. I would think this issue therefore might take some time to play out, but the armageddon scenarios, including revocation of license, seem off the table and good progress being made. And so it seems a good risk reward proposition at these prices if you think we can get to a resolution of these issues within the next six months that sets up the Company for the next leg up in growth.
Interesting as well that the General Counsel in response to a Q did note that the Company is looking at breach of warranties and recourse under the sales contract against the sellers. So perhaps we get some further recovery of costs involved in rectifying historical issues.
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I didnt think there was that much more detail provided in the...
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