Bought in at the depths of the COVID-19 market impact, so back where I started even if though I thought we will not see the $3.20 level again.
Management thinking has to be questioned. Even if they believe the MLC acquisition will be beneficial in the long-term, surely the markets adverse reaction to the first stage of the ANZ integration was enough to show caution on doing too much too soon.
Secondly, when confidentially speaking to institutions and large investors about acquiring parts of MLC and the feed back was that they would only participate at a substantial 25% discount to the June/July average price of $4.70, management were being told quite directly 'we do not believe it adds value at this time'. But still they have decimated share holder value and gone ahead.
Will it prove a worthwhile investment in the longer term, the years will tell. But recent actions and deafness has lead to IOOF finding itself starting from a lot lower position and a lot of unnecessary ground to make up.
IFL Price at posting:
$3.10 Sentiment: Hold Disclosure: Held
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