Re the brevity of the announcement, I have been involved in something a little similar before and you can't really say anything because there is a legal process going on. They have said the bare minimum of the facts as they stand.
In this case it seems there are platforms that have allowed the Master trusts and products on, Asset consultants who presumably have rated them and Advisers who have recommended products. They all have insurance and legal teams etc
It would simply not be possible to quantify who had what exposures under those circumstances as there may be claims and counter claims. And then there are the investors who may or may not have lost any money - ie if an adviser recommended 4 products and 3 shot the lights out and 1 failed the client may not have lost any money at all.
My recollection of Garry's comments are that Sequoia believes the impact will not be material. The company is buying back shares so clearly they think it is cheap. I bought yesterday but everyone clearly has to try to work it out themselves.
SEQ Price at posting:
28.5¢ Sentiment: Buy Disclosure: Held
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