I'm sure many got in deeper during the period from January 2019 to late May 2019 (and of course prior to that too). Safe to say most would not have kept buying if the company disclosed that work from CBA was decreasing.
Don't know how I missed this in my previous posts, but this from the "Intiger Strategic Plan Update" given on 21 January 2019:
"The pilot program with Commonwealth Financial Planning is progressing well and Intiger looks forward to continuing its professional relationship with the Commonwealth Bank of Australia.
The Intiger team has begun to engage the wider Financial Wisdom network of advisers after providing administration and now paraplanning services to a limited number of practices. Preparations are in place for resourcing, training, onboarding, and marketing to the network....
Intiger is also thrilled with the progress made under the Commonwealth Financial Planning pilot program and is excited to continue this partnership into the future."
Hmmm, "progressing well", 'thrilled". Sounds reassuring, doesn't it? I'd say a fair minded observer would not classify work drying up as progressing well.
The 30/4/19 announcement makes no mention of CBA directly . The "Timelines and Progress" slide just says that staff training programs were 'on track'.
Determining how much work CBA was sending in should be a fairly simply forensic inquiry. After all, the company was providing software designed to track processes (or so we assume). All of those records are discoverable in legal proceedings.
My view is that any decline in CBA work should have been disclosed ASAP (whether in one of the above announcements or separately). I wonder to myself, did the board member who made the "work dried up" comment even bother to read the previous contradictory disclosures to market.
Calimack, hope you (and the other two attendees) took good notes at the AGM. You might be called upon to swear an affidavit or two. Hold onto those nuggets in case this does actually go entirely off the rails.
