SGH, page-143

The BOD made it clear they did not rely on Quindell financials. They stated the most rigorous bottom up DD ever seen had conducted including 70 in-house SGH lawyers had reviewed worked for many weeks reviewing case files.

Management said shorters media eg. Gotham were without substance. We all know shorters do have a vested interest in negative news. Unfortunately I believed Mr. Andrew Grech and the BOD who have turned out to be extremely untruthful with shareholders.

In the ANN of 20/11/15 AG said... we "have the opportunity to stand before you today to confirm that this financial year we expect Group revenue to exceed A$1.0 billion".... "After 5 months of ownership, we remain convinced of the strategic merit which underpinned our acquisition of the business assets now known as Slater Gordon Solutions (SGS)".

The company withdrew guidance a few weeks later on 17/12/15 but due to former good guidance I had averaged down substantially. Some 75% of my money was already lost when guidance was withdrawn. Had the BOD been truthful I maybe would have lost a few thousands dollars if any.

I know others here who have lost more then $1M on SGH and several who have lost hundreds of thousands of dollars. I'm sure like me they just didn't decide to take a punt on SGH but relied on audited financials from the company and good forward guidance directly from the CEO.

I'm as gutted by the regulators lack of enforcing any compliance as the BS financials provided by SGH. I guess if AG had remorse and wrote to ASIC he knew how bad it was while giving good guidance to shareholders ASIC would do something. I reckon Blind Freddie could figure that out anyway and ASIC has failed miserably to do their job ensuring integrity in the market by prosecuting offenders.