I agree with richardwth that commercial business must be worth...

I agree with richardwth that commercial business must be worth at least 45c and that's being quite conservative IMHO. I am very interested in owning a slice of that business, especially if I can get it at what looks like an insanely cheap price. I also agree that a rising interest rate environment is more a risk for consumer than commercial lending.

I think the risk here is that LFS could fall by significantly more than 10%. 150m shares will be issued to HUM shareholders. Only 3m shares have been traded in the last 2 months as the Top 20 own 93% of LFS. The stock is basically illiquid. What happens to the LFS share price if HUM shareholders want to cash in even 20% of their new LFS shares? That would mean 30m shares hitting the market. Have you checked out the sell side this morning? 130k shares are for sale. Also, if Tipps is correct and AA has little interest in the consumer business, why would he hold onto his LFS shares?

A crash in the LFS share price seems so great a risk to me that I wonder why LFS Directors have structured the deal this way. Are they hoping to pick up the majority of these new LFS shares at half the price? I just don't understand it, and hence have not yet taken the plunge and bought HUM shares. Watching closely thought.

DYOR.