Ann: IOOF update on Federal Court proceedings, page-23

Estimating the EPS of this company is pretty tough as there are so many vagaries going forward. They were recently confronted with proceedings by the APRA regulators which sought to disqualify five executives including the Managing Director and the Chairman. As a result of the action these two senior directors stood aside. A follow on from this (I think) could have been a class action of some sort. I think Chris Kelaher was an integral part of the company's success over recent years. They've been seeking to purchase the ANZ pensions and Investments business which was put in jeopardy because of the proceedings. On top of the proceedings, APRA demanded changes to the business model.
The courts yesterday ruled against APRA's claims. APRA still may appeal the case. The chances of the ANZ acquisition is now much stronger. All of the recommendations / requirements from APRA re business processes have now been put in place. Funds under Management have increased throughout the last year despite all of the bad publicity. The accounts for the year just completed set aside around $200m for remediation costs.
So to determine next years EPS we need to know (amongst other things):

Will APRA appeal the case - probably not
Will there be any attempt at a class action - no
Will the business perform as well without Chris Kelaher - maybe not
Will the acquisition of the ANZ business proceed - probably
How much will the changes to the business model effect profit - don't know - not being able to charge customers for no service is a bit of a killer
Is the amount set aside for remediation costs sufficient - probably but can't be sure

I'd call Friday a pretty good day. I'm hopeful that the business will move forward positively from here and I won't be selling but coming up with a number representing the EPS for next year is beyond me.