mfs business update just out, page-6

In many ways it confirms what some (including myself) had been claiming but been told was unsubstantiated downramping: that the events of the past month or two has had a material impact on the value of the entire MFS business, including FM.

"Material events over the past five weeks have led to difficulties in finalising the appropriate
carrying values of tangible and intangible assets "

In short, there is going to be substantial writedowns quite apart from Stella.

MJS