IOOF fundamentally are a very good business, they have some of the best technical talent in Australia, they know what they are doing and provide an important service to the Australian people.
They are the second largest advice company and sell product for most of the major fund managers in Australia who no doubt are also the major share holders in IOOF. As major shareholders they have a vested interest in sorting out these issues and will be applying pressure to management to do so.
They are not an AMP and not a buyer of last resort. The fund managers will support this stock and see that the issues are resolved.
I expect we will see buying come in at the end of today and/or Monday morning.
IFL Price at posting:
$4.62 Sentiment: None Disclosure: Held
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