Well I really did not think this would happen. I dont hold...

Well I really did not think this would happen. I dont hold anymore yet we held a very large and I think in the millions of shares.
I used to support this company, bought some of the shares the pirate companies held in SEQ ( or so I noticed on the drop in top 20 holders at the time). Purchased some shares an ex senior executive sold. I believed in the dream.
I hated Morrison's as I felt it was in a business that had little to do with the core SEQ business. I thought that the funds tied up in it could be used to get more planning businesses. On that issue I wrong - GC got a price that was way more than I thought it was worth.
So why get out - because each year the plan seemed to get more confused. I had for a long time been shouting that with more regulation we needed a consolidation in the industry and I wondered why you could not put a CAF , WTL and SEQ together. These sort of industries get more and more regulated. Your cost of compliance, in my opinion, is a fixed cost you amortise over the planners. I wanted 800 planners, that was what the original early data suggested - Libertas was great but then it needed a big consolidation in the industry. There are ROBO advise systems that will emerge as the cost of advice is high.
I saw SEQ acquire Share cafe after already owning FNN. I saw family office acquisitions but the number of planners stayed roughly the same. I lost faith in this process whilst CAF and WTL made acquisitions.
I even put in posts on HC supporting GC and the team but over time I started to lose faith. I didnt want the large dividends I wanted critical mass.
Until now I have not posted since becoming disillusioned but this company, in my opinion, lost its way.
I know MG of GC1 and wont defend his performance - I sold out of that as well. However, I think that the Jones parties have long held shares and this isnt the first challenge, although the previous one was under 249d if memory serves. Do your research. The then MD resigned to pursue other interests if my memory is correct.
Personally, I feel that this is a good platform but I think that you should be measuring present management on what acquisitions they made and where they are today and yes also the great price they got for Morrison's - however they did not buy Morrison's if my memory is correct.
So what happened to the insurance claim we were supposed to get paid back to us from and by the insurance company. I have not followed this company closely because I no longer believed but before everyone starts putting in comments - understand that these attacks by shareholders are not done lightly and especially by shareholders who have been involved for many years. Maybe there is merit is stepping back and just listening before jumping either way.