To me it seems obvious that main shorting culprit VGI partners knew about the upcoming refulatory proposals, they've been waiting for this day.
If it truly was 'unexpected' as Slaters board have stated, then we have to take them at their word which implies a group of financial analysts on the other side of the world were more tapped in to the uk legal industry than a local practicing firm. This is a very bad indictment on the Slaters board.
It is now incumbent on them to come to market with very concise detail, on exactly how they will be impacted by proposed changes.
I think they would also be extremely well advised to effectively open their books to the market, and that I mean segment by segment, line by line clarity, and to release on a monthly basis, mom cash flows.
SGH Price at posting:
94.0¢ Sentiment: Hold Disclosure: Held