I wrote a while ago that it would be my last post, but as there is now the hint of final closure on what was one of the darkest periods of my life, hope one (truly) last post will be forgiven. I say 'hint' because iSelect excels at snatching defeat from the jaws of victory (if you can call this takeover a victory) so hold off on the champagne until the money's actually in your bank account.
I've never understood how the board of iSelect escaped prosecution, especially after ASIC's investigation into it within the first 6 months of its life on the ASX, but also several times since. Even the lawyers with whom I discussed the possibility of a class action in 2018 said it was an actionable case. Since then it's only gotten worse, culminating in the appointment of the worst CEO I've ever seen in any company – and that's saying something after the conga line of idiots who have been appointed to the role at iSelect! It's almost like the board wanted to drive the price down to the level where a takeover would be not just accepted by shareholders, but demanded. That at least would make sense, given there was no chance they'd ever get the share price back up organically. I bet there are many shareholders wishing the original bid of 40c by IHA was accepted.
May the board and management go to their richly deserved obscurity. I know they don't give a damn about the financial wreckage they've caused so many people, as they'll walk away well-remunerated. I just hope there is something behind the idea of karma.
ISU Price at posting:
28.0¢ Sentiment: Hold Disclosure: Not Held
