Regarding this statement at the bottom of the release. "We are evaluating the opportunity to accelerate the extraction of further synergies, albeit with some additional integrations costs, and expect to be able to conclude and report on this analysis by the interim results.” And this from the AFR on 8/10. "They underestimated the cost and Sharam is the fall guy for this error,” said one, estimating that the additional costs could reach $50 million in the coming year." "It is understood IOOF will not recruit a replacement CIO" While this $50M figure may not be a massive deal in context of the overall costs, it does not bode well IMO. The number of legacy IT systems and processes that MLC accumulated over the years would have to be significant. Costs could easily blow out further. And they are going to do this without a CIO? - Really? I also understand that many ex-MLC staff are leaving and not being replaced. Great for costs, but a lot of IP is walking out the door. The comments on the IT integration at the interim results will be interesting..
IFL Price at posting:
$4.37 Sentiment: Hold Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)