Hi David, SGR have undertaken internal reforms - these have been...

Hi David, SGR have undertaken internal reforms - these have been in the press. The insight I draw from this is high motivation by SGR to demonstrate to regulators they are fit and proper to hold the licence - and in doing so mitigate and in time remove that risk from the share price.

If SGR is taken over, and depending on potential buyer A/B/C, this regulatory risk is less of a concern than at present.

Regulatory risk is a cost of doing business in this industry, not entirely different to banking that provisions for regulatory fines. Doesn't mean SGR or whoever a future owner might be, wont still do well and increase income and value.